Shinhan Bank, one of the four largest credit institutions in South Korea, announced that it has opened a branch in the metaverse. It was stated that the platform named “Shinamon” will offer both financial and non-financial services to visitors. Shinhan Bank pointed out that it is the first bank in the country to open a metaverse platform. of Shinamon; It was stated that it contains departments related to 4 different fields in total, including finance, health, sports and art.
According to the transferred details; The bank conducted a 5-day test for Shinamon in June of this year. More than 85,000 visitors participated in the testing process. Shinamon’s announcement also followed the banking giant’s work on services related to the blockchain and cryptocurrency ecosystem.
In December last year, Shinhan Bank tested an international remittance transaction on stablecoin using the Hedera Hashgraph blockchain in collaboration with Standard Bank of South Africa. The remittance was carried out in real time. The bank was also among the investors of a consortium called “Korea Digital Asset Custody” that provides crypto custody services.
Shinhan Bank also has a partnership with South Korean crypto exchange Korbit
On the other hand; Shinhan Bank is currently collaborating with Korbit, one of South Korea’s top 5 crypto exchanges. As part of the cooperation, the bank provides real-name deposit and withdrawal accounts to Korbit. These accounts are mandated by local regulatory authorities in accordance with the principle of transparent transaction.