Bitcoin
South Korea's Jeonbuk Bank Introduces Bitcoin-Backed Business Loans
A regional South Korean lender has reportedly started granting won-denominated corporate credit secured by third-party custodied Bitcoin.
South Korea’s Jeonbuk Bank, a subsidiary of JB Financial Group, has begun issuing Bitcoin-backed loans to corporate clients, according to local outlet EDaily. The institution reportedly stands as the country’s first commercial bank to accept Bitcoin as collateral for won-denominated lending, restricting the facility to businesses seeking operating capital.
Under the reported framework, collateral is held by a specialized third-party custodian rather than the bank itself. This structure aligns with amendments to South Korea’s Civil Enforcement Rules that took effect on Oct. 1, which define legal processes for seizing and liquidating virtual asset claims through court-ordered sales during defaults.
Specific loan parameters, such as interest rates, loan-to-value limits, and total credit figures, have not been disclosed. A bank representative confirmed to local outlet Chosun that an initial loan had been executed to an undisclosed borrower. JB Financial Group did not immediately comment on the report.
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