Market News

South Korea's Shinhan Bank Expands Into Crypto with New App Features

South Korea's Shinhan Bank has officially launched crypto services on its SOL banking app, a move highlighting its commitment to the digital asset space.

The SOL app will feature real-time price monitoring tools for various cryptocurrencies, as well as introductory guides aimed at novice investors.

While customers currently cannot buy or sell crypto directly through the app, this development marks a significant shift in the bank's approach to digital assets.

No other domestic bank has rolled out similar services, although some remain in the planning stages for crypto-related initiatives.

As of now, only five local crypto exchanges have the required permits for KRW-crypto pairings, and banks are still restricted from offering direct crypto exchange services.

Shinhan Bank's new features focus on enhancing consumer protection and aiding clients in understanding crypto investments better.

The bank is also set to integrate functionalities with its crypto exchange partner, Korbit, allowing future trading directly within the SOL app.

Additionally, Shinhan has established a dedicated digital asset task force aimed at innovating asset-related services, including stablecoin pilots and cross-border payment projects.

As the regulatory landscape evolves, South Korean corporations may soon gain the ability to incorporate cryptocurrencies into their balance sheets, unlocking further investment opportunities.

This progressive stride by Shinhan Bank reflects a growing acceptance of cryptocurrency within South Korea's financial sector.