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ICON app offers remote KYC for South Korea’s second-largest bank

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South Koreans will soon be able to remotely open bank accounts requiring KYC verification using only their smartphones.

According to an Aug. 26 announcement from ICONLOOP, the technology arm of South Korean blockchain network ICON, is partnering with Shinhan Bank to issue KYC compliance certificates. The bank is South Korea’s second-largest, with $375 billion in assets. The blockchain firm will allow customers to use its Zzeung mobile app’s blockchain-based decentralized identity (DID) technology to open bank accounts.

Such compliance certificates allow users to bypass redundant KYC compliance processes to request service at Shinan Bank, the second largest in South Korea. Once customers verify their identity using the Zzeung app, Shinhan will verify their information and issue a compliance certificate, which can be used to request password changes.

Zzeung is the only mobile app approved by the Financial Services Commission. “This issuance of KYC compliance certification with Shinhan Bank is of great significance because it is the first commercialization of DID services used in the financial sector in Korea,” said ICONLOOP CEO Jong-hyup Kim.

“In the future, we will expand the Zzeung to all industries that require identity verification beyond the financial sector so that more users can experience the convenience of DID technology.”

Though this may be the blockchain firm’s first DID rollout in the financial sector, it has already been used in South Korea for contact tracing of the coronavirus. Jeju Island, one of the most popular tourist destinations for Koreans, now requires visitors to use the Zzeung app with its DID technology to keep records of where they visit on the island, and if they maintain enough distance between each other to reduce the risk of spreading COVID-19.

According to the announcement, NH Nonghyup Bank and IBK Industrial Bank will also use Zzeung for KYC compliance certification in 2020. ICONLOOP said it plans to expand the app’s service to provide various forms of identity authentication such as visitor authentication and qualification authentication

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CRYPTOCURRENCY

No retreat no surrender, Ethereum explodes

Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion.

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Ethereum has been on a record buying spree amid its most recent price correction as institutional investors buy more at its dips.

At the time of drafting this report, Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion. Ethereum is up 11.54% for the day.

Ether is the crypto asset that powers the Ethereum network. Crypto developers build apps on the Ethereum network, as it offers a unique type of decentralized software platform, which is different from the flagship crypto, which is designed to just be a currency or store of value.

Prakash Chand, Managing Director at FD7 Ventures also revealed also believes Ethereum would do far better than Bitcoin in the coming years;

“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.

That being said there has never been so much sustained activity of addresses interacting with Ethereum.

The 3-month average of aa’s has broken over its previous all-time high and it doesn’t look like it wants to go back!

In addition, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.

Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.

This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.

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CRYPTOCURRENCY

Demand for Bitcoin is growing high amid tightened supply

The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.

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Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of  Grayscale, Paypal, Microstrategy, hedge funds, and so on.

Only 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.

This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.

This also means that liquidity is drying up, as demand for the world’s most popular crypto hits record highs

The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.

Meanwhile, liquid supply continues to see a steep decrease.

According to Yann & Jan:

“Float in the network is drying up faster than ever.
“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).

It’s also important to understand Institutional investors love transparency, regulation meaning the more regulated Bitcoin mechanisms such as regulating Crypto exchanges handling it, the more value major institutions will place in it, thus making Bitcoin a less volatile asset in the long term.

Glassnode also revealed that a million Bitcoins (BTC) or almost $30 billion in actual prices, disappeared from the liquid supply in 2020. This process even outperformed the inflow of new Bitcoins (BTC) into the network:

“Currently, we are at a stage in which the illiquid supply is growing more than the total circulating supply according to the report. A similar pattern presently played out again during the bullish rally of 2017.”

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Cryptocurrency News

VP Osinbajo disagrees with CBN, calls for crypto regulation

Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.

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The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.

Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.

The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.

He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”

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