The governing council overseeing the Hedera Network has been joined by Shinhan Bank, South Korea’s largest financial institution by total assets.
In order to expand its field of digital transformation, Shinhan has announced that it had become the latest member of the Hedera Governing Council. Hedera has reputed themselves to be capable of processing thousands of transactions per second through their hashgraph.
The rationale for joining the Hedera council is premised on the demand of client that are growing and security in financial services: in their words:
“Hedera’s public distributed ledger in particular is uniquely suited to meet the needs of a widely-used fintech service that must be fast, fair, secure, and enable the controls and visibility required by service providers.”
To increase the efficiency of its internal processes, the Bank will start putting Hedera into its systems.
Shinhan, which ranked as the world’s 61st-largest bank with $478.5 billion in assets as of August 2020, is no stranger to distributed ledger technology, having built a variety of services on Hyperledger Fabric since 2017, including policy loan, interest rate swaps, and pension fund deals.
In March, Shinhan announced it had developed a blockchain-based pilot platform for testing a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services wing. The platform seeks to allow local banks to act as intermediaries for a CBDC.
Shinhan also invested in the local crypto custody consortium, Korea Digital Asset Trust, at the start of the year.