South Korea’s Shinhan Bank to launch a bitcoin remittance servicebr>
Shinhan Bank announced its partnership with Streami Inc. to start an overseas bitcoin remittance service in December.
The bank will first start the bitcoin remittance service between Korea and China through an intermediary country Hong Kong where digital currency transaction is legally allowed and plans to expand its service to other countries starting next year.
Currently, bitcoin is not a legal means of payment in Korea, but the country’s financial authorities last month announced a plan to institutionalize digital currencies by next year. Until the digital currency transaction becomes legal, Shinhan Bank will transfer money to a bitcoin exchange in Hong Kong and resend the bitcoin to Chinese bitcoin exchange where the digital money will be converted into the local currency.
Streami is a Seoul-based blockchain remittance startup that won supports from the fintech startup incubation program Shinhan Future’s Lab. Shinhan Bank had invested 500 million won ($437,637) in Streami through direct stock purchase.