One of the oldest banks in South Korea, Shinhan Bank, has revealed it will launch a cryptocurrency remittance service using Bitcoin. A joint effort between the bank and Streami Inc. will oversee the cross-border service between Korea and China.
Shinhan Bank and Streami Plan to Launch South Korean Bitcoin Remittance Platform
According to Pulse, Shinhan Bank will be the first major financial institution in the region to utilize the Bitcoin blockchain. Streami Inc. is a blockchain remittance middleware and infra provider that aims to ensure secure and cheaper cross-border remittance. Additionally, Shinhan Bank helped lead Streami’s investment round last year and the two organizations formed a partnership.
Blockchain remittance could save significant costs and ensure complete transparency for the customer. Moreover, the network is more secure than traditional incumbent remittance services. Streami explained that blockchain is an open data network