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🤝 Hedera shakes up finance: Shinhan Bank launches KRW on the blockchain for seamless transactions
🔺 Shinhan Bank Completes Pilot Phase
As previously reported by Crypto News Flash, this pilot phase is a continuation of Shinhan Bank’s Proof-of-Concept (PoC), which began in 2021 when it partnered with Standard Bank, Africa’s largest bank on stablecoin international remittances.
The PoC is compatible with Ethereum Virtual Machine (EVM), which means that any EVM-based stablecoin issuers can use the framework. Issuers benefit from the high scalability of Hedera Token Service at 10,000 TPS and EVM’s increased programmability, which unlocks unmatched stablecoin flexibility and power.
In a test environment that matches current production capabilities, the pilot accomplished real-time settlement and real-time foreign exchange (FX) rate integration for KRW, Thai Baht (THB), and New Taiwan dollar (NTD). Throughout this pilot, Shinhan Bank collaborated with multiple corporations including SCB TechX, a digital technology-focused subsidiary of the SCBX Group.
🔺 Hedera’s Focus on Asia Market
Asia has become a key focus area for The HBAR Foundation. The symbiotic relationship between businesses and consumers in Asia may be the reason why Web3 adoption is interdisciplinary, with Non-Fungible Tokens (NFTs) and gaming standing out. In addition to this, there is clear institutional interest and participation.
Shinhan Bank is one of many financial institutions exploring RWA solutions on Hedera in Asia. Hedera network has formed partnerships with Nomura Bank and DBS Bank.
Meanwhile, HBAR, the native digital asset of Hedera recently saw its price spike and subsequent plummet due to a misunderstanding involving BlackRock, as highlighted in a Crypto News Flash YouTube video.
The excitement began when blockchain startups Archax and Ownera tokenized shares of BlackRock’s ICS US Treasury Money Market Fund on the Hedera platform. However, BlackRock quickly refuted the news, stating that it had no direct role in the tokenization process.
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