Jeonbuk Bank is reportedly issuing won loans to companies backed by Bitcoin, with local media describing it as the first case among South Korean commercial banks. According to Odaily, the Bitcoin is held by a third-party custodian, and a rule change that took effect on October 1 allows the bank to recover collateral through a court-ordered sale without taking possession of the Bitcoin. The loan size, interest rate, and loan-to-value ratio have not been disclosed. A Jeonbuk Bank representative told Chosun that one loan has already been issued.