According to CoinMeta, Quonnam Bank ( Jeonbuk Bank ) has begun offering loans supported by Bitcoin to corporate customers, becoming the first commercial bank in South Korea to accept Bitcoin as collateral. The bank's loan services are mainly targeted at enterprises seeking operating funds, with the Bitcoin held as collateral by a third-party custodian institution. This lending arrangement complies with the revisions to South Korea's civil enforcement rules, which came into effect on October 1st and stipulate procedures for the seizure and liquidation of virtual assets. In the event of default, the bank can recover the funds through sales ordered by the court. Quonnam Bank has not yet made public the loan amount, interest rates, or the loan-to-value ratio requirements.