South Korea’s largest commercial banks exploring security token platforms
NongHyup Bank revealed that the leading banks in South Korea, including Industrial Bank of Korea, Shinhan Bank, and Woori Bank, have joined its consortium for security token offerings. The consortium has also witnessed the participation of other financial technology companies such as Funble, Trackchain (a subsidiary of Aton), and Artipio (a fractional art investment subsidiary of Yes24), bringing the total number of participants to 18 firms. STO market reaches $26 billion NongHyup Bank, along with Suhyup Bank, Jeonbuk Bank, and six fractional investment firms, established a consortium in April to develop a security token ecosystem, as reported by The Korea Herald. With the STO market predicted to reach 34 trillion won ($26.6 billion) in size next year, banking groups are increasingly showing interest, particularly due to the Financial Services Commission’s plans to ease regulations later this year. You might also like: Celsius users will be allowed to swap altcoins f...