On the 10th, Shinhan Bank announced that it had signed a business agreement with Seoul Auction Blue, a subsidiary of Seoul Auction, to promote joint digital asset projects. The two companies plan not only to sell high-priced real assets such as artworks by dividing them into digital shares, but also to develop and service new financial products based on digital shares.
It has consistently attempted a business model of digitizing shares of high-value physical assets and splitting ownership. It was not realized due to problems such as the storage of real assets and the reliability and stability of ownership.
Through this agreement, it plans to develop a platform in the future to provide a’blockchain wallet’ that can hold and prove a digital stake.
Currently, through the Shinhan SOL app, you can purchase art works by famous painters such as Lee U-hwan and Cheon Kyung-ja, which are provided weekly by Seoul Auction Blue, as well as limited edition sneakers such as Peace Minus One, famous for G-Dragon’s shoes, with a digital stake. The two companies plan to expand and provide products and new services such as real estate and jewelry in the future.
Jeongbong Lee, CEO of Seoul Auction Blue said, “Art assets will also become an important digital asset.” “Seoul Auction Blue will contribute to the popularization of art digital assets through a joint purchase platform that adds technology to the know-how and trust in the art trading market. ”
Shinhan Bank Digital Innovation Group Director Kim Chul-ki said, “Digital assets must be provided with safety and trust as well as existing financial products, and I think that this is a business that banks should focus on expanding. We will try to provide a variety of digital investment products based on chain technology.”