Blockchain

Shinhan Bank of Korea joins Klaytn’s Blockchain Governance Committee

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Shinhan Bank, one of South Korea’s largest banking institutions, has established a partnership with Klaytn, a global blockchain platform developed by Ground X, a subsidiary of Kakao.

According to Monday’s announcement, Shinhan Bank has Join Klaytn’s Blockchain Governance Committee has become a member of Klaytn’s blockchain governance. As part of the new partnership, Shinhan will also participate in the development of Klaytn-based digital services to support fintech innovation.

roll out In June 2019, Klaytn is a blockchain service provider focusing on integrating blockchain solutions into enterprise-level infrastructure. The Klaytn blockchain is a hybrid blockchain network that combines the characteristics of public and private blockchains to ensure decentralized data and governance, as well as low latency and high scalability. The Klaytn network implements native KLAY tokens to incentivize the commitment to maintain the growth of the Klaytn ecosystem.

According to the announcement, Shinhan is the first traditional financial institution in South Korea to join the Klaytn Governance Committee Checklist There are more than 30 members so far.Shinhan is also the first such organization, and its members include technology companies such as LG Electronics and Major cryptocurrency companies like Binance.

Source: Clayton

related: South Korea’s largest bank joins Hedera Management Committee

The announcement pointed out that Shinhan’s entry into the board of directors marks an important milestone in Klaytn’s growth, as the bank’s participation will support Klaytn’s compliance, adding:

“Shinhan Bank is the first bank to join Klaytn and strive to become an important decision-making party. With Shinhan Bank’s support, we can once again assure users that we fully comply with regulations. This also eliminates the risk of non-compliance with the central bank’s regulations.”

Shinhan Bank has become a major commercial bank in South Korea, participating in a large number of digital currency and blockchain-related projects.March, Shinhan Completed a pilot platform based on blockchain Cooperated with LG CNS, the IT service department of LG Corporation, to develop central bank digital currency.The bank is also actively investing in the industry Strategic investment in Korea Digital Asset Trust And take a $7.5 million financing round For Samsung-backed blockchain startup Blocko.