Shinhan Bank, one of Koreas most well-established banks, has joined the Governance Council of a blockchain that has been developed by Kakao, a messaging company. The bank joined forces to be part of the blockchain side of things.
Existing council members include Worldpay and LG Electronics. The market value of the combined council members was set at $96 trillion in 2020. The bank was Korea’s first bank in 1897, and has already developed a number of different financial services based around their blockchain. The bank signed a deal three ways between Hexlant and GroundX to expand the bank’s management system of private keys.
It is also trying to work on a central bank digital currency.