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South Korean banks on their way to the Metaverse



The Industrial Bank of Korea (IBK) is planning to launch it on the social media platform Cyworld Z's metaverse.

IBK announced its letter of intent with Cyworld Z yesterday. Cyworld Z is a renewed version of Cyworld, one of the first and most popular social media platforms in South Korea in the 2000s, and is slated to launch in December.

IBK intends to set up an IBK Dotori Bank in the Metaverse that will offer financial products optimized for Cyworld Z users. One of these products is a Dotori passbook that rewards users based on the amount of Dotori purchased.

KB Kookmin Bank also wants to open a virtual branch in the Metaversum. At the beginning of the year she tested the possibility of using the Metaverse as the main channel for her financial services. The KB also said it will experiment with the online gaming platform Roblox. Hana Bank has also set up a digital innovation task force, which includes the Metaverse.

Development of South Korea's CBDCs is also well underway, and Bank of Korea Deputy Governor Bae Joon Suk said progress is not lagging behind that of other countries.

The research project began examining the issuance and circulation of CBDCs in August and is expected to be completed by June 2022. The deputy governor said while it was difficult to say exactly when the CBDC would be launched, the technology would be ready to issue it once the decision was made.

Meanwhile in the crypto area:

Upbit is the largest cryptocurrency exchange in South Korea with a user base of 8.9 million and, at one point, handled a whopping 80% of all cryptocurrency trading in the country. Amid an ongoing bull run in the global crypto market, South Korea has also seen keen interest in investing in virtual assets.

Since its inception in 2017, Upbit has seen incredible growth in user numbers. In October of this year, Upbit had 8.9 million members, more than twice as many as in February 2021 with 4 million users. In a single day, May 20, 2021, Upbit was visited by 5 million people.

Meanwhile, Bitcoin's value briefly slipped below $ 57,000 on Friday, November 19, after rising briefly earlier in the week following a major upgrade to the network.

This week, many other leading cryptocurrencies, including Ethereum (ETH), Solana (SOL) and Cardano (ADA), as well as the meme coin Dogecoin (DOGE) and Shiba Inu (SHIB), have also fallen in value. By contrast, the total volume of the crypto market has increased by 17.62% to $ 147.81 billion in the past 24 hours.

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