South Korean banks discover blockchain and crypto trading

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After JP Morgan concluded partnership agreements with crypto platforms Gemini and Coinbase earlier this year and also allowed them to close deals with corporate clients of Wall Street’s largest bank, the banking sector in South Korea is now also following.

Asia’s biggest crypto fans

This is not really surprising, since the youth of South Korea, together with those of Japan, are considered the biggest fans of crypto in the world. During the famous Bitcoin bull run at the end of 2017, where the world’s most famous cryptocurrency climbed to $20,000, it was calculated that a third of all South Korean millennials invested in crypto.

Another Major S Korean Bank Now Set to Join Bitcoin Custody Race - Kookmin Bank (KB), one of South Korea’s biggest commercial banks, could be set to move into crypto. https://t.co/pXDECOfNTN

— DJ Peter Vas (@PeterVas6) August 7, 2020

In fact, it got so bad that the then prime minister sent out a warning and pointed out the volatility of Bitcoin and other crypto coins.

Kookmin and NH Bank

This time, two well-known South Korean banks, KB Kookmin Bank and NongHyup, also known as NH Bank, have announced that they too want to jump on the crypto market. Both entered into partnership agreements with blockchain companies and crypto platforms.

Chainlink recently reported that it developed blockchain for the South Korean medical sector.

BREAKING: South Korea’s central bank to acquire the management of BankSign; a blockchain authentication certificate service. #Bitcoin

— Bloqport (@Bloqport) July 14, 2020

The Bank of Korea is also investigating the issuance of its own digital currency in the future, just as its rivals in China did earlier this year with their own digital yuan.

The South Korean authorities also finilized the tax on crypto profits, an industry that is growing in their country.

Global adoption of crypto is thus another step closer.