South Korea’s Shinhan Bank Energizes The Metaverse With ‘Cinnamon’ Platform
Shinhan Bank, one of the top four lenders in South Korea, has taken a big step in solving this industry. The lender has launched a metaverse site called ‘Cinnamon’, where people will be able to access a range of services from the financial, as well as non-financial sectors. Prior to this launch, the bank conducted tests to verify the performance of this nearly wet platform. Overall, South Korea has seen significant growth in the metaverse sector this year.
Shinhan’s metaverse ecosystem will showcase dedicated areas of healthcare, sports, finance, and art that people who love to travel can access as virtual avatars, SeoulWire. Reported,
The development comes after South Korean lawmakers announced plans to invest more than $177 million (roughly Rs. 1,370 crore) in support of metaverse projects that will also create job opportunities in the sector.
Shinhan, an early investor in crypto storage services, conducted a five-day trial on his metaverse site and reportedly had more than 85,000 visits in June this year.
To process Web3 transactions, the bank has partnered with South Korean crypto exchange, Korbit.
research reports lift up that the market opportunity of the metaverse has reached $800 billion (approximately Rs. 59,58,700 crore) in the next two years.
South Korea, in recent times, has emerged among the first countries to invest heavily in the metaverse industry.
In February, South Korea’s Ministry of Science, ICT, and Future Planning allocated KRW 223.7 billion (about Rs. 1,400 crore) to develop the national metaverse project.
The Seoul Metropolitan Government (SMG) also plans to make Seoul the first South Korean city to enter this metaverse.