Korea’s Shinhan Bank Establishes Secure Wallet Services

The second largest bank in South Korea Shinhan Bank announced a substantially important news for digital currencies in the country. The bank proclaimed that they are presently developing cryptocurrency wallets to help customers keep their digital assets securely.

Following the crash of Bithumb servers in November and leakage of private data for 30,000 users in June, the bank’s spokesperson assured that the new service would be more secure compared to outside services. Bank deposits will be free of charge while the withdrawals have a charge fee.

The service will store the blockchain key via the digital safe provided by the bank. The bank’s statement added that they are looking for solutions through which they can provide free service when depositing and a fee attached when withdrawing.

The announcement promotes support for the sizable growth in institutional adoption. The growth of mainstream institutional adoption continues to mushroom as the Chicago Mercantile Exchange announces the launch of Bitcoin futures as well as a significant amount of new Bitcoin hedge funds.