South Korea just got its first traditional bank loans backed by bitcoin

Jeonbuk Bank has started offering bitcoin-backed loans to corporate clients, becoming the country's first bank to let firms borrow cash against their crypto holdings. The South Korean bank, a unit of JB Financial Group, will issue loans in the country’s fiat currency , the Korean won, with proceeds limited to business operating costs, according to local news outlet Edaily. A Jeonbuk Bank official confirmed to local outlet Jaekyung Ilbo that a loan has already been executed, but declined to name the borrower. Only bitcoin BTC $83,696.96 can be used as collateral for these loans for the time being.