Hedera Hashgraph (HBAR) has made significant strides in the finance industry through a partnership with South Korea’s Shinhan Bank. The HBAR Foundation has announced the launch of the South Korean Won (KRW) as a Real World Asset (RWA) on the Hedera network by Shinhan Bank. This collaboration marks a crucial development in revolutionizing finance in the region.
Shinhan Bank recently completed a pilot phase as part of its Proof-of-Concept (PoC) with Standard Bank, Africa’s largest bank, focusing on stablecoin international remittances. The PoC is compatible with the Ethereum Virtual Machine (EVM), allowing EVM-based stablecoin issuers to utilize the framework. This integration offers issuers scalability through the Hedera Token Service at 10,000 TPS and increased programmability with EVM, enhancing stablecoin flexibility and power.
During the pilot phase, Shinhan Bank achieved real-time settlement and foreign exchange rate integration for KRW, Thai Baht (THB), and New Taiwan dollar (NTD). The collaboration with SCB TechX, a subsidiary of the SCBX Group, further strengthened the project’s capabilities.
The launch of KRW on the Hedera network addresses existing challenges in international remittances such as slow processing times, high transaction fees, and system complexity. Hedera’s secure, scalable, and easy-to-manage infrastructure provides Shinhan Bank with a competitive edge in the finance industry.
Shinhan Bank, with over KRW 664.4 trillion in assets, is South Korea’s oldest bank offering a wide range of banking services. The bank has made significant strides in the industry, becoming the first in South Korea to provide real-name cash-to-crypto trading accounts for institutions.
The HBAR Foundation’s focus on the Asian market highlights the growing interest in Web3 adoption, particularly in NFTs and gaming. Partnerships with financial institutions like Nomura Bank and DBS Bank further solidify Hedera’s presence in the region.
The recent price fluctuations of HBAR, the native digital asset of Hedera, were attributed to a misunderstanding involving BlackRock’s tokenization on the platform. Despite the temporary drop in price, HBAR has shown resilience in the market, with a 5% increase in value to trade at $0.1096 within the past 24 hours.
In conclusion, Hedera’s partnership with Shinhan Bank and its focus on the Asian market underscore the platform’s commitment to revolutionizing finance and advancing blockchain technology in the region.