According to ME News, on October 14 (UTC+8), Bitcoin News posted on X that Jeonbuk Bank is reportedly issuing Korean won loans collateralized by Bitcoin to businesses—a first for a commercial bank in South Korea, according to local media. The Bitcoin is held by a third-party custodian; revised enforcement rules effective October 1 allow the bank to recover collateral through court-ordered sales without taking possession of the Bitcoin. Loan size, interest rate, and loan-to-value ratio have not been disclosed. A representative from Jeonbuk Bank told Chosun that one loan has already been issued. (Source: ODAILY)
Jeonbuk Bank Allegedly Issues First Bitcoin-Backed KRW Loan in South Korea
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Summary
According to MetaEra, Jeonbuk Bank has reportedly issued South Korea’s first Bitcoin-backed KRW loan. Effective October 1, the loan enables the bank to recover collateral through court-ordered sales without holding the Bitcoin itself. A representative confirmed that one loan has been issued, though the loan amount, interest rate, and LTV remain undisclosed. This development occurs amid speculation surrounding Bitcoin ETF approval and the potential launch of a spot Bitcoin ETF.
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