Shinhan Bank is the first traditional financial institution in Korea to join the council, which already includes Celltrion and LG Electronics
Public blockchain platform Klatyn announced yesterday that Shinhan Bank, one of south-east Asia’s largest banks, had joined the platform’s Blockchain Governance Council.
Based in Seoul, Shinhan Bank is Korea’s oldest bank. With more than 1,000 branches globally and 176.9 trillion KRW ($156 billion) in assets under management, Shinhan Bank is one of the largest private financial institutions in Korea. Since 2017, the bank has also been developing blockchain-based financial services, such as derivative settlements, retirement pensions and government policy loans.
Klatyn is the blockchain platform of the South Korean mobile platform Kakao and launched its mainnet in June 2019. The project’s aim is to trigger mass adoption of blockchain services by providing blockchain applications (BApps) with flexible scalability and high performance.
Many projects have since been built on Klatyn, including video service Antube, image-based SNS service Pibble, and blockchain-powered games Klatyn Knights and Axie Infinity.
At the same time, the Klatyn Governance Council was formed, comprising 19 global industry leaders from the sectors of finance, IT, content, games and telecommunications. Council members are responsible for consensus node operation, platform governance and ecosystem growth, and include some of Asia’s largest companies, such as Celltrion, Netmarble and LG Electronics.
Shinhan Bank is the first Korean traditional financial institution to become a member of the Klatyn Governance Council and will be an important decision maker for the blockchain project.
Klatyn aims to be transparent in order to help drive blockchain adoption, and having Shinhan Bank on its council gives its users confidence that the blockchain platform is in compliance with regulations.
As well as joining the Klatyn Governance Council, Shinhan Bank will also be aiming to develop the fintech ecosystem by building various Klatyn-based digital services.
Klatyn has already been widely adopted by the Korean public and the team sees the possibility for global adoption of KLAY – the project’s utility token. KLAY is currently being farmed on Binance Launchpool and rose by 4% this morning, before returning to $1.02 at time of writing.