Jeonbuk Bank launches South Korea's first Bitcoin collateralized corporate Korean won loan project
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Jeonbuk Bank has launched South Korea's first corporate Korean won loan project with Bitcoin as collateral, initially only for corporate customers, and the loan is limited to business operating funds. Jeonbuk Bank does not directly hold or manage Bitcoin and is held by qualified virtual asset service providers. In case of default, Quanbei Bank will realize the collateral and recover the debt through court auctions and other procedures. Jeonbuk Bank has completed stress testing and established a valuation system based on weighted average prices from multiple global exchanges. (Source: Daily Economy)