Shinhan Bank of South Korea chose to leverage Hedera Network technology for the implementation of international remittances using stablecoins on the network.
Hedera Network offers faster remittances, about 3 to 5 seconds and cheaper at a price of around $ 0.0001 per transaction.
For the record, the average cost of remittances amounting to $ 200 nationwide through the traditional banking system for the fourth quarter (Q4) of 2020 reached $ 13.03, an increase of 6.51%. The cost reduction is expected to decline by 3% by 2030.
The news has indirectly pushed the price of HBAR up from its lowest level, $ 0.3 to $ 0.4 with a jump of almost 24%.
It is understood that Shinhan Bank wants to mine won -based stablecoin (KRW) using Hedera Network.
At the same time Shinhan Bank will also collaborate with international banks in the issuance of stablecoins in national currencies.
This cooperation can be evidenced when bank clients receiving KRW stablecoins can redeem them for national currency stablecoins which can be converted into fiat currency.
For information, Shinhan Bank was a board member of Hedera Governance Council in April 2021. The bank is also listed as a board member of Klaytn since July 2021.
At the time of writing this asset was trading at $ 0.35, down over 3% in 24 hours.
