Korea’s Shinhan Bank makes strategic investment in crypto custody consortium

Korea’s Shinhan Financial institution makes strategic funding in crypto custody consortium

Shinhan Financial institution, the oldest banking establishment in South Korea, continues its efforts to introduce digital asset custody providers with a brand new funding.

In line with a Jan. 7 report by information company Yonhap, Shinhan Financial institution has invested in Korea Digital Asset Belief, or KDAC, an business consortium of companies that present digital asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital asset analysis firm Truthful Sq. Lab.

With the brand new funding, Shinhan Financial institution strikes nearer to providing its personal cryptocurrency custody enterprise. In August 2020, Shinhan Financial institution introduced its plans to introduce crypto custody alongside one other main South Korean financial institution Woori. 

Shinhan Monetary Group chairman and CEO Yong-Byung Cho mentioned that digital asset custody will profit from the financial institution’s compliance capabilities and custody expertise. “We are going to safe competitiveness in custody providers and proactively reply to the quickly altering digital asset market as a result of implementation of the Particular Monetary Data Act,” the chief acknowledged.

Cointelegraph reached out to Shinhan Financial institution and Korbit with further queries relating to the funding. This text will probably be up to date pending new info.

Shinhan Financial institution has beforehand invested in corporations backing the KDAC initiative. In August 2019, Shinhan Financial institution participated a $7.5 million funding spherical for Blocko. The financial institution can be concerned in blockchain-related developments like blockchain inventory lending.