South Korean Lender Jeonbuk Bank to Offer Bitcoin-Backed Loans

The South Korean bank has become the first in the country to offer the bitcoin-related service. Jeonbuk Bank has become the first bank in South Korea to offer won-denominated loans backed by bitcoin, according to reports. The subsidiary of JB Financial Group has started offering the loans, according to exclusive Monday reporting by the country’s Edaily paper. For now, the product is limited to corporate customers raising working capital, and bitcoin is the only eligible collateral. The bank said it may expand the service depending on regulatory changes and market demand, the report added.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Bitcoin Magazine.