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.
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.
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.
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.
Banks are not yet allowed to offer crypto exchange services. However, some (including Shinhan) have previously explored the possibility of launching crypto custody services.
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.”
The bank said that its new resources would help boost financial consumer protection and help customers better understand how cryptoassets work.
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.
The media outlet added that Shinhan Bank launched a dedicated digital asset taskforce at the beginning of this year.
