Seoul-headquartered Shinhan Bank (KRX: 055550, NYSE: SHG) is about to launch a new service based on the Bitcoin Blockchain for people who need to send remittances between Korea and China. The new Shinhan Bank remittance service is powered by Streami, a blockchain remittance middleware and infra developer for financial service providers.

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Shinhan Bank is one of the biggest in Korea and the most important financial institution in the world to adopt a Bitcoin-based remittance service to date. It has total assets of $260 billion, total deposits of $192 billion and loans of $184 billion, as of June 30, 2016.

Last year Streami reportedly raised $2 million in seed funding and Shinhan Bank was a major backer of the round, contributing ₩500 million ($427,000). Streami’s founder Junhaeng Lee reportedly said at the time that the startup’s competitors will be traditional remittance providers, including those operating illegally, which are “estimated to take up significant Korea-outbound remittances market share.”

The remittance service will be available for use in the Korea/China market, via a Hong Kong intermediary bank, starting December 2016. It is expected to expand to more countries around the world in the near future, as soon as early 2017.

Seoul-headquartered Shinhan Bank (KRX: 055550, NYSE: SHG) is about to launch a new service based on the Bitcoin Blockchain for people who need to send remittances between Korea and China. The new Shinhan Bank remittance service is powered by Streami, a blockchain remittance middleware and infra developer for financial service providers.

Join the industry leaders at the Finance Magnates London Summit. Register here!

Shinhan Bank is one of the biggest in Korea and the most important financial institution in the world to adopt a Bitcoin-based remittance service to date. It has total assets of $260 billion, total deposits of $192 billion and loans of $184 billion, as of June 30, 2016.

Last year Streami reportedly raised $2 million in seed funding and Shinhan Bank was a major backer of the round, contributing ₩500 million ($427,000). Streami’s founder Junhaeng Lee reportedly said at the time that the startup’s competitors will be traditional remittance providers, including those operating illegally, which are “estimated to take up significant Korea-outbound remittances market share.”

The remittance service will be available for use in the Korea/China market, via a Hong Kong intermediary bank, starting December 2016. It is expected to expand to more countries around the world in the near future, as soon as early 2017.