Korea's First Bank Joins Messaging Giant Kakao's Blockchain Governance Council

Shinhan joins a number of existing council members including LG Electronics, Binance and Worldpay, among others.

AccessTimeIconJun 29, 2021 at 2:50 a.m. UTC
Updated Sep 14, 2021 at 1:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Shinhan Bank, one of South Korea's oldest modern banks, has joined the Governance Council of a public blockchain network developed by Klaytn, the arm of internet messaging giant Kakao.

According to a press release on Monday, the bank has joined the council to partake in the platform's blockchain operation. Additionally, Shinhan will develop a number of Klaytn-based digital services for South Korea's fintech ecosystem.

Shinhan joins a number of existing council members including LG Electronics, Binance and Worldpay, among others. Members act as key decision makers for Klaytn's business and technical developments, which include the operation of the consensus node network, per the release.

Based on a 2020 report from Ground X, the blockchain arm of Kakao and developer of the Klatyn network, members of the council topped $96 trillion in market value in 2020. The same report shows the network's number of externally owned accounts created on Klaytn stands at 9.6 million.

The bank, which began as the country's first modern bank under the name Hanseong Bank in 1897, has already built a number of blockchain-based financial services. In 2019, Shinhan inked a three-way deal with GroundX and blockchain developer Hexlant to build out the bank's private key management system for use within its systems.

More recently, the bank built a pilot platform for a potential South Korean central bank digital currency with assistance from LG CNS in anticipation of a digital won.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.