Following KB Kookmin Bank, Shinhan Bank entered the digital asset consignment (custody) business such as cryptocurrency. With the price of bitcoin exceeding 40 million won, the goal is to create conditions for domestic corporations to invest in bitcoin.
Korea Digital Asset Trust (KDAC), a digital asset consignment company, announced on the 7th that it has attracted strategic investment from Shinhan Bank. The investment amount was not disclosed.
KDAC introduced “a digital asset specialized company that provides a consignment service that safely and conveniently stores and manages various digital assets held by companies and individuals.”
KDAC is a joint venture created by Kobit, Blocko, and Fair Square Lab in March 2020, and Shinhan Bank joined as an investment this time.
Kobit is Korea’s first cryptocurrency (virtual asset) exchange, while Blocko is a blockchain specialized developer. The CEO of KDAC is Joon-Hong Kim, CEO of Fair Square Lab, a digital asset research company.
KDAC said, “We have a self-developed cold wallet and operating platform,” and said, “As an independent third-party service company that is not subordinate to a specific company, we will secure transparency and reliability of consignment operations.
KDAC and Shinhan Bank explained that they plan to gradually strengthen cooperation in overall digital asset services, such as custudy and Decentralized finance.
An official from Shinhan Bank said, “Digital asset consignment is an area where banks’ compliance capabilities and custodial experience can be utilized well.” We will respond and discover innovative customer service.”
KDAC CEO Kim Jun-hong said, “We will promote the acceptance of digital assets in institutional sectors such as institutional investors by providing safe and convenient digital asset management services with Shinhan Bank, the best financial group in Korea.”
Earlier, Kookmin Bank established KOrea Digital Asset (KODA) with Hatch Labs and Hashed in November of last year and entered the digital asset consignment business for the first time in Korea.
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