Shinhan Bank to Provide Bitcoin-based Remittances between Korea and China
Seoul-headquartered Shinhan Bank (KRX: 055550, NYSE: SHG) is about to launch a whole new service based mostly to the bitcoin blockchain for people who have to send remittances amongst Korea and China. The brand new Shinhan Financial institution remittance services is powered by Streami, a blockchain remittance middleware and infra developer for fiscal support suppliers.
Shinhan Financial institution is probably the largest in Korea as well as most critical financial institution within the planet to adopted a bitcoin-based remittance service to date. It has complete assets of $260 billion, complete deposits of $192 billion and loans of $184 billion, as of June 30, 2016.
Final year Streami reportedly raised $2 million in seed funding and Shinhan Financial institution was a major backer from the round, contributing ?500 million ($427,000). Streami?¡¥s founder Junhaeng Lee reportedly said at the time that the startup?¡¥s competitors will be common remittance providers, which includes those operating illegally, that are ?¡ãestimated to consider up sizeable Korea-outbound remittances market place share.?¡À
The bitcoin-based remittance support are going to be readily available for use from the Korea/China marketplace, by means of a Hong Kong intermediary financial institution, beginning December 2016. It can be expected to increase to extra countries about the planet inside the near potential, as soon as early 2017.