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Intro: Shinhan Bank from Korea has partnered with Kako Bank and has become a member of the Governance Council of a public blockchain network.
Shinhan Bank from Korea has joined hands with messaging giant Kako. One of the oldest banks from Korea, Shinhan is now a member of the Governance Council of a public blockchain network developed by the arm of messaging giant Kako.
As per the press release, the bank has joined the council to take part in the operations of the blockchain. The bank will also make number of
digital services for Korea’s fintech ecosystem. The bank has also joined hands with LG Electronics, Binance and Worldpay, among others.
To take a view on the business of Klaytn, members will act as key decision-makers. They will also be responsible for technical developments which include the operation of the consensus note network, according to the release issued.
Shinhan bank history
Shinhan bank is a global financial leader in digital innovation. The bank has built many blockchain based financial services like government policy loan, retirement pension, and derivative settlement since 2017.
The bank will also participate in the co-governance of the Klaytn blockchain. They will also develop digital services for Klaytn that can help foster the fintech ecosystem.
Officials at klaytn are elated to join hands with them and believe that together Shinhan and the council members will continue to stimulate sustainable growth of the Klaytn ecosystem.
Ground X report
As per the Ground X 2020 report, Kako blockchain arm and developer of Klaytn network, members of the council topped an eye-watering $96 trillion in market value in 2020. The report also highlighted the number of externally owned accounts at the Klaytn network were 9.6 million.
Shinhan bank started as the first modern bank of the country under the name Hanseong Bank in 1897. The bank has developed a number of blockchain-based financial services already. Shinhan has signed a three-way deal in 2019 with Ground X and Blockchain developer Hexlant. They partnered to build out the bank’s private key management system for use within its system.
In anticipation of a digital win, the bank has made a pilot platform for the South Korean Central Bank Digital Currency. The platform was built with the help of LG CNS.
Klaytn’s best developed platform
Klaytn is a global public blockchain platform developed by Ground X. The blockchain is an affiliate of a South Korean internet company, Kako. A service centric platform, Klaytn gives an intuitive development environment and friendly end-user experience.
Klaytn features fast response time, high performance and stable transaction fee structure optimised for services with large traffic. It has the best features of both public and private blockchains to meet the needs of business and services that target users on a large scale.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
