Amid ICOs regulation in South Korea, the cryptocurrency world is getting stronger in the country. The second largest bank in the Asian nation, Shinhan Bank, has started to build cryptocurrency wallets. The intention is to provide customers a secure way to store their digital currencies .
This is not the first bank that works with blockchain technology to offer better services to its clients. Bank of America and JPMorgan are developing different solutions for their clients. Blockchain allows transactions to be faster, reducing internal costs and speeding up the transactional process.
Bithumb Server Crash
Shinhan Bank’s decision to develop a wallet for its clients comes after Bithumb’s server crash in November. In addition to it, the private data of more than 30,000 users was leaked in June. The bank will offer a more secure service than other platforms. It is expected that bigger investors will decide to put their crypto assets in this new wallet. The bank will offer free deposits but withdrawals will have a small fee attached.
“It is a service that keeps the Blockchain key through the virtual safe provided by the bank. We are looking for ways to provide a free service when depositing and charge a fee when withdrawing,” the company statement reads. Different platforms offer nowadays services that have a fee included while extracting the currencies from their platform to a private device or other wallet.
This announcement will allow institutional investors to feel safer while investing in cryptocurrencies. As soon as safer platforms to store virtual currencies will appear, more investors will come into the cryptocurrency world. Some time ago, the Chicago Mercantile Exchange (CME), and other hedge funds, have allowed institutional investors to adopt these new currencies.
This announcement means good news for Bitcoin that its having an incredible year and that it’s growing in its penetration in the society.