South Korea’s Shinhan Launches Crypto Services on Its Banking App

The South Korean commercial banking giant Shinhan Bank has launched a range of crypto services on its SOL smartphone app.

The South Korean media outlet Field News reported that Shinhan’s services will include real-time price monitoring tools for a range of cryptoassets. They will also include introductory guides designed for first-time crypto investors.

Shinhan Bank: Crypto Services Debut

While the new functions will not yet allow Shinhan customers to buy or sell crypto directly via the SOL app, the move is a significant bullish step for the financial behemoth.

No other domestic bank has yet launched a similar service, although some are thought to be working on crypto-related projects.

Currently, only five domestic crypto exchanges have obtained the necessary permits to offer KRW-crypto pairings.

Banks are not yet allowed to offer crypto exchange services. However, some (including Shinhan) have previously explored the possibility of launching crypto custody services.

The new SOL crypto resources include a real-time crypto price monitoring tool, introductory guides and quizzes for beginner investors, and a professional crypto-related reporting and news service.

SOL Bank is Shinhan’s smart banking, financial services, and investment platform. Shinhan launched the app in 2018 when it discontinued several of its standalone apps and announced SOL would be its new unified platform.

Stepping up Customer Protection Is Key – Shinhan

The bank said that its new resources would help boost financial consumer protection and help customers better understand how cryptoassets work.

Shinhan added that it wants to help customers make information-based investments. It said it hopes to provide easy-to-understand materials for customers who are not familiar with the crypto scene, while also “protecting consumers.”

But the bank has already indicated that it is prepared to go a step further in the near future, by integrating some functions with its crypto exchange partner Korbit.

These will eventually allow customers to buy and sell coins on Korbit via the SOL app. Traders will also be able to check their crypto wallet balances from the SOL platform.

Stablecoin Progress

The media outlet added that Shinhan Bank launched a dedicated digital asset taskforce at the beginning of this year.

The taskforce has been charged with developing and launching a range of asset-related businesses. Thus far, it has begun conduction stablecoin-based overseas remittance pilots.

It has also been working on a token-powered, cross-border payment settlement project. And Shinhan has also joined the South Korean stablecoin craze, by registering a won-pegged stablecoin trademark application for the KRWSH brand.

In May, meanwhile, Korbit announced that it had begun promoting corporate transaction services in conjunction with Shinhan Bank.

While South Korean corporations are still not allowed to use their balance sheets to buy crypto, that is set to change later this year.

The Financial Services Commission has unveiled a roadmap that will eventually allow bigger South Korean companies to invest in Bitcoin (BTC) and other tokens.