Shinhan Bank, a major commercial bank in South Korea, has invested in the Korea Digital Asset Trust (KDAC) to offer a crypto asset custody service to its clients.
According to inews24, the bank announced an investment in KDAC, a joint venture between the local cryptocurrency exchange Korbit, Blocko and Fair Square Lab. KDAC offers custody solutions for cryptoassets.
A Shinhan Bank spokesman said the upcoming cryptocurrency services “will help the bank provide effective custodial solutions in compliance with legal requirements.”
According to the bank, the company is one step ahead in terms of the security of client funds. New tools will enable the deployment of technological capabilities to protect “from external and theft risks.”
Shinhan Bank also wants the technology resources used in the project to be applied to the DeFi industry, whose projects were hacked several times in the past year. Shinhan Financial Group Chairman Cho Yong-Byung said:
“In a situation where all companies, regardless of the type of business, operate in digital format, the fate of Shinhan will also depend on digital transformation. All Shinhan employees must strive to accelerate digital innovation. ”
More and more banks and financial institutions are seeking to offer custody solutions for cryptoassets. In November, one of the largest South Korean banks, KB Kookmin Bank, announced a partnership with the Hashed venture capital fund and the Cumberland Korea platform to launch a cryptocurrency storage service.
In addition, in December, Standard Chartered announced plans to launch a custodian service Zodia in 2021, and earlier, a large Singaporean bank, United Overseas Bank, announced the development of a custodian solution for cryptocurrencies.
#Shinhan Bank # Cryptocurrency # Bank # South Korea # Business
