Shinhan Bank Launches Digital Money Test: Project Han River
Shinhan Bank Launches ‘Deposit Token Electronic Wallet’ for Digital Currency Pilot
Table of Contents
- Shinhan Bank Launches ‘Deposit Token Electronic Wallet’ for Digital Currency Pilot
- Project Han River: A Collaborative Digital Currency Pilot
- High Demand for Digital Wallet Participation
- Access and Functionality of the E-Wallet
- Project Timeline and Token Limits
- Expanding Payment Options Through Innovation
- Incentives for Digital Currency Users
- Shinhan Bank’s Commitment
- Shinhan Bank’s Deposit Token Electronic Wallet: Your Guide
- What is Shinhan Bank’s Deposit Token Electronic Wallet?
- What is “project Han River”?
- How can I access the Shinhan Bank Deposit Token Electronic Wallet?
- How does the e-wallet work?
- What are the token limits for the project?
- When does the project end?
- Where can I use the deposit tokens?
- What are the incentives for using the deposit token e-wallet?
- Is Shinhan Bank committed to the project?
- Key Features Summary
SEOUL — Shinhan Bank has announced the launch of its “Deposit Token Electronic Wallet,” enabling participation in the Bank of Korea’s “Project Han River” initiative. The wallet became available to users starting today.
Project Han River: A Collaborative Digital Currency Pilot
“Project Han River” is a joint public pilot program involving the Bank of Korea, the Financial Authority, adn seven participating banks. The project aims to verify the practical application of digital currency and assess the infrastructure of the financial market, according to Shinhan Bank.
High Demand for Digital Wallet Participation
Shinhan Bank reported significant interest in the project, noting that a preliminary demand survey conducted through Shinhan SOL Bank attracted 13,000 applicants within two days. The total number of applicants has exceeded 30,000.
Access and Functionality of the E-Wallet
The first 16,000 eligible customers can access the service starting April 1st and 2nd,opening deposit token electronic wallets via Shinhan SOL Bank. Remaining slots will be filled on a first-come, first-served basis from April 3rd onward.
Customers can open a deposit token e-wallet within the Shinhan SOL Bank’s “Sol Wallet” menu. This allows them to convert existing deposits into tokens for use in real transaction testing. The system generates a QR code for easy payments at participating online and offline merchants.
Project Timeline and Token Limits
The project is scheduled to run until June 30th. During this period, the available deposit token limit is capped at 1 million won, with a total convertible deposit token limit of 5 million won per participant.
Expanding Payment Options Through Innovation
Shinhan Bank intends to support deposit token payments at 190,000 merchants already integrated with its innovative financial service, “Together.” The bank aims to evaluate the scalability of deposit tokens as a payment method within delivery applications, benefiting both consumers and merchants.
Incentives for Digital Currency Users
Shinhan bank is offering several incentives for customers participating in the digital currency transaction test.The first 10,000 customers who open a deposit token e-wallet will receive 3,000 My Shinhan Points. Additionally, 300,000 points will be awarded weekly through a lottery during the test period. Furthermore, “Together” users will receive 2,000 points and a 3,000 won discount coupon for orders placed more than three times using deposit tokens from any participating bank.
Shinhan Bank’s Commitment
According to a Shinhan Bank official, the bank is committed to facilitating a smooth digital currency trading test as both a participating bank and a designated merchant in “Project Han River.”
Shinhan Bank’s Deposit Token Electronic Wallet: Your Guide
This article answers common questions about Shinhan Bank’s new “Deposit Token Electronic Wallet” and its role in the “Project Han River” digital currency pilot programme. The focus is on providing clear, concise, and accurate information based solely on the provided content.
What is Shinhan Bank’s Deposit Token Electronic Wallet?
Shinhan Bank has launched a “Deposit token Electronic Wallet” that allows customers to participate in the Bank of Korea’s “Project Han River.” This wallet enables users to convert existing deposits into digital tokens for use in real-world transactions.
What is “project Han River”?
“Project Han River” is a collaborative digital currency pilot program. It involves the Bank of Korea, the Financial Authority, and seven participating banks. The project’s aim is to evaluate the practical use of digital currency and assess its impact on the financial market infrastructure, as stated by Shinhan Bank.
How can I access the Shinhan Bank Deposit Token Electronic Wallet?
The service is accessible through the “Sol Wallet” menu within the Shinhan SOL Bank app. Access to the wallets is being rolled out in phases:
- Phase 1: The first 16,000 eligible customers can access the service starting April 1st and 2nd.
- Phase 2: Remaining slots will be filled on a first-come, first-served basis beginning April 3rd.
How does the e-wallet work?
The e-wallet allows you to convert your existing deposits into deposit tokens. You can then use these tokens to make payments at participating online and offline merchants. The system generates a QR code for easy payments
What are the token limits for the project?
The project has the following token limits:
- Available Deposit Token Limit: Capped at 1 million won.
- Total Convertible Deposit Token Limit: 5 million won per participant.
When does the project end?
the project is scheduled to run until June 30th.
Where can I use the deposit tokens?
Shinhan Bank intends to support deposit token payments at 190,000 merchants that are already integrated with its financial service, ”Together.”
What are the incentives for using the deposit token e-wallet?
Shinhan Bank is offering various incentives, including:
- First 10,000 users: 3,000 My Shinhan Points.
- Weekly Lottery: 300,000 points awarded weekly.
- “Together” Users:
- 2,000 points
- 3,000 won discount coupon for orders placed more than three times using deposit tokens.
Is Shinhan Bank committed to the project?
Yes, according to a Shinhan Bank official, the bank is committed to a smooth digital currency trading test within “Project Han River,” both as a participant and merchant.
Key Features Summary
Hear is a summary of the key features and limitations:
| Feature | Details |
|---|---|
| Wallet Access | Shinhan SOL Bank app, “Sol Wallet” menu |
| Conversion | Convert existing deposits to tokens |
| Payment Method | QR code for online and offline merchants |
| Project Duration | Until June 30th |
| Available Token Limit | 1 million won |
| Total Convertible Token Limit | 5 million won |
| Merchants | 190,000 “Together” merchants |