Shinhan Bank will take on digital service development and co-governance in Klaytn’s blockchain governance council
As one of the largest banking institutions of South Korea, Shinhan Bank has established a partnership with global blockchain platform Klaytn, which was developed by Ground X, a subsidiary platform of Kakao. The bank is now a member of the co-governance council of Klaytn blockchain and will be involved in the development of digital services, making it the first traditional financial institution out of the 30 members to hop onto the network. Among the members are names such as LG Electronics and Binance.
The bank’s cooperation will also bare consultancy in regulatory matters, which have been comparably strict in the South Korean market. It had completed a blockchain-based pilot platform for a CBDC with LG Corporation earlier this year and has actively been investing in Korea Digital Asset Trust, making it one of the most ardent advocates of blockchain in East Asia.
Klaytn focuses largely on integrating blockchain technology into enterprise-grade infrastructure, while ensuring decentralized governance with low latency and high scalability. It’s native KLAY token incentivizes commitment to growing the Klaytn ecosystem, propelling it to a major player in only two years since the launch in June 2019.
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