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New Deal Seals South Korea’s Largest Banks As Pro-Crypto

Two of South Korea’s largest banks, both Shinhan and Woori have gone pro-cryptocurrency and blockchain after a series of historic new deals and partnerships.

Just this month Shinhan bank orchestrated a new deal with OmiseGo, which is an Ethereum based payment and banking platform. The objective of the deal was to help push ahead faster adoption of blockchain in South Korea.

Yesterday, April 5th, Omise CEO Jun Hasegawa said in a statement,

“Omise and OmiseGO are working to revolutionize the way digital value moves globally, with an end goal of creating a platform that facilitates a decentralized economy. The OMG platform, using the Plasma architecture, is being built as a public network that is powered by Ethereum. The first phase of the wallet SDK was recently released and is available for anyone to use. We want to make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network.”

Shinhan will be working with Omise to help push ahead blockchain technology into important areas of the bank’s operations. Shinhancard, which operates as the credit card department of Shinhan Bank, will become the first major credit card company in all of Asia to apply blockchain technology.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
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