Like the rest of the market, Hedera Hashgraph is on the rise today, and could potentially test new heights in the day. That’s because, South Korea’s largest bank by assets, Shinhan Bank has announced that it intends to use Hedera to enhance operational efficiency.
The bank also stated that it would be joining the Hedera’s governance council as a member. By joining the council, the bank hoped to increase the speed of digitization. Hedera is quite the perfect fit on this front. It considers itself to be the ultimate blockchain for enterprise functions, given that it can handle multiple transactions per second.
According to the representatives of the bank, emphasis will be on increasing efficiency while enhancing the security of financial transactions. They added that since Hedera is a public blockchain, it was perfectly suited for the bank’s needs of offering fintech services that are fast, secure, and offer the visibility that the players involved are looking for. The bank has further announced that it was in the process of integrating the public blockchains into its systems.
All this is a big deal for Hedera investors, given that Shinhan is one of the largest banks in the world, ranking 61st in global rankings. It is also a bank that is quite open to the idea of using decentralized ledger technologies in its operations. Since 2017, it has been using these technologies for lots of things, including handling interest rate swaps, policy loans, and pension fund-related deals.