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South Korean Shinhan Bank’s Metaverse Expansion

South Korea’s interest in cryptocurrency and metaverse technology is on the rise. In a recent development, a South Korean banking institution, Shinhan Bank, has made its entry into the metaverse with the launch of its own universe called Shinamon.

Shinhan Bank, based in South Korea, has taken a significant step into the realm of metaverse technology. The Shinamon metaverse platform is designed to provide services across various sectors, including finance, health, art, and sports. In June, Shinamon underwent a trial phase, attracting 85,000 visitors.

South Korean Shinhan Bank's Metaverse Expansion

The metaverse concept is continuously evolving, with numerous companies intensifying their efforts to establish a presence in this burgeoning space.

In a recent update, Shinhan Bank has unveiled a metaverse site to offer both financial and non-financial services, positioning itself as the first bank in the country to provide such a platform.

Additionally, the bank conducted a test of real-time international remittance using a stablecoin. This test involved a transaction to the Standard Bank of South Africa, facilitated by the Hedera Hashgraph blockchain network.

Shinhan Bank is also recognized as one of the early investors in Korea Digital Asset Custody, an industry consortium that provides cryptocurrency custody services.

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