Shinhan Bank to Offer Bitcoin-based Remittances between Korea and China

Seoul-headquartered Shinhan Bank (KRX: 055550, NYSE: SHG) is about to launch a new service based on the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term for people who need to send remittances between Korea and China. The new Shinhan Bank remittance service is powered by Streami, a blockchain remittance middleware and infra developer for financial service providers.

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Shinhan Bank is one of the biggest in Korea and the most important financial institution in the world to adopt a Bitcoin-based remittance service to date. It has total assets of $260 billion, total deposits of $192 billion and loans of $184 billion, as of June 30, 2016.

Last year Streami reportedly raised $2 million in seed funding and Shinhan Bank was a major backer of the round, contributing ₩500 million ($427,000). Streami’s founder Junhaeng Lee reportedly said at the time that the startup’s competitors will be traditional remittance providers, including those operating illegally, which are “estimated to take up significant Korea-outbound remittances market share.”

The remittance service will be available for use in the Korea/China market, via a Hong Kong intermediary bank, starting December 2016. It is expected to expand to more countries around the world in the near future, as soon as early 2017.