Banks in South Korea have $2B in crypto, consider it an emerging asset class

posted 4 months ago
Commercial banks in South Korea may be bullish on cryptocurrencies, owning more Bitcoin than even the largest domestic exchanges.

According to South Korean news outlet, Yonhap, financial institutions in the country have almost $2 billion worth of cryptocurrencies.

The amount is equivalent to only 8% of the total deposits owned by South Korean brokerage houses, which are worth 26 trillion won. However, it is being reported that the percentage is growing and the space is considered an "emerging asset class."

Additionally, Shinhan, the 2nd largest bank in Korea, has developed a Bitcoin vault for their customers.
Tags: bitcoin, news