Shinhan Bank, South Korea's second-largest commercial bank, has taken a significant leap towards mainstream cryptocurrency adoption by integrating crypto services into its popular SOL mobile application. This pioneering move, initially reported by Field News, positions Shinhan Bank at the forefront of traditional financial institutions embracing the digital asset space in South Korea.
The new features on the SOL app offer users a comprehensive suite of tools designed for education and protection, including real-time price monitoring for various crypto assets, user-friendly guides for beginners, and professional market reports. While direct crypto trading is not yet supported, Shinhan Bank has announced plans to integrate with its partner exchange, Korbit, to enable seamless buying and selling functionality in the future. Additionally, users will soon be able to view their crypto wallet balances directly within the SOL platform.
This strategic initiative by Shinhan Bank aligns with the evolving regulatory landscape in South Korea. The Financial Services Commission (FSC) is reportedly preparing to permit corporate crypto investments later this year, signaling a broader shift towards a more crypto-friendly environment. Shinhan's proactive approach sets a precedent, as no other domestic bank has yet launched similar services, although several are exploring crypto-related projects.
Shinhan Bank's dedicated digital asset taskforce, established earlier this year, is the driving force behind its ambitious crypto ventures. The bank has already conducted successful stablecoin-based overseas remittance pilots and is actively developing a token-powered cross-border payment system. Further cementing its commitment, Shinhan has registered a trademark for a won-pegged stablecoin, "KRWSH," contributing to South Korea's growing interest in stablecoin development. The bank's existing partnership with Korbit, one of the five licensed exchanges offering KRW-crypto pairings, further strengthens its foothold in the digital asset market.
The bank emphasized that the introduction of these new tools is primarily aimed at enhancing consumer protection and promoting informed investing, especially for those new to the complexities of the crypto market. With South Korea's crypto market experiencing a boom, boasting over 9.6 million accounts holding assets valued at $68 billion across major exchanges, Shinhan Bank's initiative could serve as a blueprint for other financial institutions seeking to integrate digital assets into their offerings.
July 2025, Cryptoniteuae