South Korean Bank Launches Country’s First Bitcoin-Backed Loans

Jeonbuk Bank has begun lending Korean won to companies against their Bitcoin , the first South Korean bank to accept the cryptocurrency as loan collateral, financial daily Edaily reported on Monday. The lender, a unit of JB Financial Group, offers the loans only to corporate customers raising business operating funds. Bitcoin is the only collateral it accepts for now. The bank plans to review opening the loans to more customers and collateral as regulation and demand change. Jeonbuk chose Bitcoin because it has the largest market value and trading volume of any digital asset, according to Edaily.

Source: Crypto News Australia