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Korea’s First Bank Joins Messaging Giant Kakao’s Blockchain Governance Council🚀

Shinhan joins a number of existing council members including LG Electronics, Binance, and Worldpay, among others.

Shinhan joins the governance council of messaging giant Kakao; included in the governance council are LG electronics, Binance and Worldpay.

Each member of Kakao’s governance council is said to act as key decision-makers for Kakao’s business and technical developments. Such developments include, among others, the preparation of the consensus node network.

Shinhan, one of Korea’s largest banks, is a global financial leader in digital innovation and has built various blockchain-based financial services; government policy loans, retirement pensions, and derivative settlements.

In 2019, Shinhan began a deal with GroundX and blockchain developer Hexlant to build out the bank’s private key management system within its systems. And more recently, the bank worked with LG CNS for a potential digital currency program for a South Korean central bank.

Based on a 2020 report from Ground X, the blockchain arm of Kakao and developer of the Kakao network, members of the council topped an eye-watering $96 trillion in market value in 2020.

For Kakao, Shinhan will develop a number of Kakao-based digital services for Korea’s fintech ecosystem and will partake in the blockchain operation of the Kakao platform.

What does this mean for Cudos?

This could be seen as a signal that Korea is creating a healthy ecosystem for blockchain technology and opening its arms even wider to embrace the development of crypto and blockchain projects. This is great news for us as we have recently been working with Korean Blockchain Accelerator DeSpread to penetrate the Korean market and we’re already beginning to see growth in our Korean communities. In addition to that, we recently held an AMA in Korean Kucoin Telegram community. To find out more about what we’ve been working on please keep in touch via the links below.

Telegram. Twitter .Facebook. Linkedin. Blog.

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