Klaytn, the South Korean public blockchain network, has announced that one of Korea’s largest banks, Shinhan Bank, has joined its Governance Council. Existing Council members include Worldpay, LG Electronics, UnionBank and SK Telecom. Klaytn is a global public blockchain platform developed by Ground X, the blockchain affiliate of the South Korean social media giant, Kakao.
Shinhan’s responsibilities will include co-governance of the platform’s blockchain operation and the development of Klaytn-based digital services. It hopes these will foster growth within Korea’s domestic fintech ecosystem.
The question is, why now? Perhaps Shinhan’s participation is partly motivated by Korea’s ramping up of central bank digital currency (CBDC) efforts.
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