Shinhan Bank Partners With Clayton’s Blockchain Governance Council
One of the largest banking institutions in South Korea, Shinhan Bank has partnered with Klaytn, a global blockchain platform developed by Kakao’s subsidiary Ground X.
Recently in the Klaytn’s co-governance process, along with other client-based digital services Shinhan bank also takes on board.
According to a statement issued on Monday, Shinhan Bank has joined Klaytn’s blockchain governance council and also became a member of blockchain’s co-governance systems. With this new partnership, Shinhan bank will partner with the firm in the development of client-based digital services to support FinTech innovation in the industry.
Launched back in June 2019 as one of the blockchain service providers with a focus on integrating blockchain solutions along with enterprise-grade infrastructure. The Klaytn blockchain is a hybrid blockchain network that brings together the features of public and private blockchains with both decentralized data and governance to ensure low latency and high scalability of the platform. The Klaytn blockchain Network implements its native KLAY token to promote its commitment to sustaining the growth of the Klaytn blockchain ecosystem.
Shinhan is the first traditional financial institution in South Korea to join the Client Governance Council, which has so far listed more than 30 members. Shinhan is the first of its members, including tech companies giants such as LG Electronics and leading crypto companies such as Binance.
While this entry of a bank in the Klaytn ecosystem marks as an important growth milestone for both of them, thus marking this milestone Klaytn made an announcement.
“Shinhan Bank is the first bank to become a key decision-maker in Klaytn’s endeavors. With Shinhan Bank on our side, we can assure our customers that they are complying with the rules.
Shinhan Bank has become a major commercial bank in South Korea, with a number of digital currency and blockchain programs running side by side. Shinhan completed the Central Bank’s blockchain-based pilot platform for digital currency in partnership with LG CNS, the IT services arm of LG Corporation. With strategic investment in Korea Digital Asset Trust, the bank is actively investing in the industry and is participating in the $7.5 million funding round for the Samsung-backed blockchain startup Blocko.
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