South Korea’s banking giant, “Shinhan Bank,” adds crypto price monitoring tools to its SOL smartphone app.
Shinhan Bank, a prominent commercial bank in South Korea, has implemented various cryptocurrency services on its SOL smartphone application.
According to Field News, a South Korean media publication, Shinhan’s services will encompass real-time price monitoring tools for various crypto assets. They will also include introductory guides specifically designed for first-time crypto investors.
Shinhan Bank: Crypto Services Debut
The financial colossus has taken a substantial bullish step by implementing the new functions, which will now enable Shinhan customers to buy or sell crypto directly through the SOL app.
No other domestic bank has yet implemented a comparable service, although it is believed that several are currently engaged in crypto-related initiatives.
Only five domestic crypto exchanges have secured the necessary permits to offer KRW-crypto pairings.
Currently, banks are prohibited from providing crypto exchange services. Nevertheless, a few entities, such as Shinhan, have previously investigated the feasibility of establishing crypto custody services.
The new SOL crypto resources include a professional crypto-related reporting and news service, introductory guides and quizzes for beginner investors, and a real-time crypto price monitoring utility.
Shinhan’s digital banking, financial services, and investment platform is SOL Bank. The application was introduced by Shinhan in 2018, following the discontinuation of several of its standalone applications and the announcement that SOL would serve as its new unified platform.
Enhancing Customer Protection Is Critical—Shinhan
The bank stated that its new resources would enhance financial consumer protection and provide customers with a more comprehensive understanding of the operation of crypto assets.
Shinhan stated that it aims to assist clients in making informed investments. It said that it aspires to offer easily comprehensible materials to customers unfamiliar with the crypto scene while also “protecting consumers.”
However, the bank has already stated that it is prepared to take the next move shortly by integrating certain functions with its crypto exchange partner, Korbit.
These will ultimately enable customers to purchase and sell coins on Korbit through the SOL app. Additionally, the SOL platform will allow traders to monitor the balances of their crypto wallets.
Stablecoin Advancement
According to the media outlet, Shinhan Bank established a digital asset task force at this year’s commencement.
The task force is responsible for developing and launching various asset-related enterprises. To date, it has initiated the conduct of stablecoin-based overseas remittance pilots.
Additionally, it has initiated a token-powered cross-border payment settlement initiative. Shinhan has also joined the South Korean stablecoin craze, submitting a trademark application for the KRWSH brand associated with the won.
Korbit announced in May that it had commenced promoting corporate transaction services in collaboration with Shinhan Bank.
While South Korean corporations currently cannot use their balance sheets to purchase cryptocurrency, we anticipate a change in this policy later this year.
The Financial Services Commission has unveiled a roadmap that will eventually allow larger South Korean companies to invest in Bitcoin (BTC) and other tokens.
