South Korea’s Jeonbuk Bank Lends Won Against Bitcoin, Using Court Sales for Defaults

Jeonbuk Bank , a regional South Korean lender, has extended a corporate loan in won secured by Bitcoin , under a setup in which the bank never takes possession of the coins, even if the borrower defaults. Local outlet Edaily first reported the loan on Oct. 12, describing it as the first of its kind from a South Korean bank. A Jeonbuk Bank spokesperson confirmed to Jaekyung Ilbo that a loan had actually been made but said the borrower could not be disclosed.

Source: Unchained