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Jeonbuk Bank launches South Koreas first bitcoin collateralized won loans

South Korean commercial lender Jeonbuk Bank has started offering won-denominated loans backed by bitcoin collateral to corporate customers.

FTMQ Crypto, written by our newsroom0 views

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Picture: Bitcoin Magazine Markets

Jeonbuk Bank has become the first commercial bank in South Korea to offer won-denominated loans backed by bitcoin collateral, according to reports from Bitcoin Magazine Markets and Cointelegraph. Local media outlet Edaily first reported on Monday that the service has launched for business clients. [1][4][10]

The credit facility is currently restricted to corporate customers seeking to raise working capital, Bitcoin Magazine Markets reported. Cointelegraph and Bitcoin Magazine Markets both noted that bitcoin is the sole eligible cryptocurrency allowed as collateral for the loans. [1][4]

A third-party custodian holds the bitcoin collateral for the credit transactions, according to Cointelegraph. Unchainedcrypto.com reported that defaults on the loans will be handled using court sales. [4][5][11]

Jeonbuk Bank is a subsidiary of JB Financial Group, Bitcoin Magazine Markets and Cointelegraph both reported. Bitcoin Magazine Markets added that the bank may expand the loan offering in the future depending on market demand and regulatory shifts. [1][4]

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In short

  • Jeonbuk Bank is the first South Korean bank to offer won-denominated loans collateralized by bitcoin.
  • The loans are limited to corporate clients raising working capital.
  • Bitcoin is the only cryptocurrency accepted as collateral for the service.
  • A third-party custodian holds the deposited bitcoin collateral.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]South Korean Lender Jeonbuk Bank to Offer Bitcoin-Backed LoansBitcoin Magazine Markets, 4h ago (the report this story comes from)
  2. [2]Jeonbuk Bank launches South Korea’s first Bitcoin-backed loans for corporate clientsCrypto Briefing, 23h ago
  3. [3]South Korea’s Jeonbuk Bank Launches First Bitcoin-Backed Corporate LoansCoinpedia, 18h ago
  4. [4]South Korean bank launches Bitcoin-backed business loans: ReportCointelegraph Main, 17h ago
  5. [5]South Korean bank launches Bitcoin-backed business loans: ReportCointelegraph Bitcoin, 17h ago
  6. [6]South Korean Giant Announces New Listing: Altcoin to Begin Trading!Koin Bülteni, 21h ago
  7. [7]South Korean Lender Jeonbuk Bank to Offer Bitcoin-Backed LoansCryptoRank, 4h ago
  8. [8]Jeonbuk Bank becomes first South Korean lender to offer Bitcoin backed loansCrypto News, 19h ago
  9. [9]South Korean Lender Jeonbuk Bank to Offer Bitcoin-Backed LoansBitcoin Magazine, 4h ago
  10. [10]Jeonbuk Bank Completes South Korea's First Bitcoin-Collateralized Won Loan for Corporate ClientsBigGo Finance, 15h ago
  11. [11]South Korea’s Jeonbuk Bank Lends Won Against Bitcoin, Using Court Sales for Defaultsunchainedcrypto.com, 16h ago

Background

  1. [12]Sun Myung Moon on Wikipedia
  2. [13]Bitcoin on Wikipedia
  3. [14]South Africa's Absa Becomes First African Bank to Offer Bitcoin Custody FTMQ Crypto, 8d ago

Our newsroom writes these reports with the help of software, from the 14 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

Related from FTMQ Crypto

Earlier reports of ours on the same people and subjects.

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