Shinhan Bank President Jin Ok-dong on Wednesday announced the launch of “Shinamon,” the bank’s self-built metaverse platform to offer financial and non-financial services.
Shinhan Bank enters metaverse with Shinamon
Shinamon is a virtual space that connects the financial and non-financial sectors and provides new experiences for customers.
The metaverse platform consists of a financial zone, a health zone, an art zone, a sports zone and a store.
In June, the bank held a five-day trial of the Shinamon platform, which attracted 85,000 visitors.
From now until February 10 next year, Shinhan Bank will hold three events for visitors to the metaverse Shinamon platform.
Visitors will be able to participate in various games and quests to win prizes, such as an iPad Pro, an AirPod Max or a Dyson hair dryer, among others.
Shinhan Bank’s announcement follows a series of experiments by the bank with blockchain and cryptocurrency-related services.
In December last year, it conducted a trial of sending international remittances in real time via stablecoin with South Africa’s Standard Bank and using the Hedera Hashgraph blockchain network.
Shinhan Bank is also an early investor in Korea Digital Asset Custody, an industry consortium that offers crypto-custody services.
The bank is currently partnering with Korbit, one of South Korea’s Big Five cryptocurrency exchanges, to provide users with real-name deposit and withdrawal accounts as required by local regulations for transparent transactions.
“In recognition of Cinnamon’s ability to innovate, we plan to participate in the fintech exhibition at ‘CES 2023,’ the most important digital exhibition, in January, by being assigned an independent booth for the first time as a domestic bank. Through Cinnamon’s border-crossing and reality-connecting content, we will offer a variety of services for customers to easily engage with,” said a Shinhan Bank spokesperson.
Shinhan Bank on the Web3
South Korea elected a pro-cryptocurrency chairman, Yoon Suk-yeol, in March. Shinhan Bank in June tested real-time international remittance sending via stablecoin with South Africa’s Standard Bank, using the Hedera Hashgraph blockchain network.
The bank is also an early investor in Korea Digital Asset Custody, a custody service provider that stores and manages various types of digital assets held by businesses and individuals.
It is currently a partner of Korbit, one of Korea’s largest cryptocurrency exchanges, which offers users real-name deposit and withdrawal accounts in accordance with local regulations for transparent transactions.
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