South Korean bank joined Klaytn’s blockchain governance council

One of the largest banking institutions in South Korea, Shinhan Bank has entered into a partnership with Klaytn.

South Korean bank joined Klaytn’s blockchain governance council

Shinhan Bank has joined Klaytn’s blockchain governance council with becoming a member of the co-governance of the Klaytn blockchain, according to the announcement.

As part of the new partnership, the bank will be also involved in the development of Klaytn-based digital services to support fintech innovation.

Klaytn, launched in June 2019, is a blockchain service provider focusing on integrating blockchain solutions into enterprise leveled infrastructures. Klaytn is a hybrid blockchain network, having combined features of both public and private blockchains to ensure decentralized data and governance, as well as low latency and high scalability. 

The Klaytn network implements its native KLAY token to incentivize commitment to management and maintaining the growth of the ecosystem. 

Shinhan Bank is the first traditional financial institution in South Korea to join Klaytn’s governance council, which has more than 30 members so far. The bank is also the first institution of its kind among members including tech companies like LG Electronics and some major within the crypto domain like Binance.

As being one of the largest financial entities, Shinhan Bank has emerged as a major commercial bank in South Korea involved in a wide number of digital currency and blockchain-related initiatives. 

In March, Shinhan completed a blockchain-based pilot platform for a central bank digital currency (CBDC) in partnership with LG Corporation’s IT services arm, LG CNS

Read: Philippine Stock Exchange wants to be the first to launch local crypto market