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

Published at: Jan. 11, 2021

Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital-asset custody services with a new investment.

According to a Thursday report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry consortium of businesses that provide digital-asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital-asset research company Fair Square Lab.

With the new investment, Shinhan Bank moves closer to offering its own cryptocurrency custody business. In August 2020, Shinhan Bank announced its plans to introduce crypto custody alongside another major South Korean bank, Woori. 

Shinhan Financial Group chairman and CEO Yong-Byung Cho said that digital-asset custody will benefit from the bank’s compliance capabilities and custody experience. “We will secure competitiveness in custody services and proactively respond to the rapidly changing digital asset market due to the implementation of the Special Financial Information Act,” the executive stated.

Cointelegraph reached out to Shinhan Bank and Korbit with additional queries regarding the investment. This article will be updated pending new information.

Shinhan Bank has previously invested in companies backing the KDAC initiative. In August 2019, Shinhan Bank participated a $7.5 million funding round for Blocko. The bank is also involved in blockchain-related developments like blockchain stock lending.

Tags
Bitcoin
Business
Cryptocurrency Exchange
Cryptocurrencies
Investments
Digital Asset
South Korea
Banks
Korbit
Related Posts
Hanwha to acquire $52M stake in crypto exchange Upbit’s parent company
South Korean conglomerate Hanwha Group is reportedly acquiring a stake in the parent company of major local cryptocurrency exchange Upbit. Hanwha Investment and Securities, the securities brokerage arm of Hanwha Group, has reached an agreement to buy a 6.15% stake in Upbit’ operator Dumanu for 58.3 billion won ($52.24 million), The Korea Herald reported on Feb. 3. According to the report, the acquisition of 2.06 million shares is scheduled to take place on Feb. 22. A representative from Hanwha said that the deal is a long-term investment for the company to keep up with the fast-growing fintech industry and digitization: …
Bitcoin / Feb. 3, 2021
Nearly 75% of professional investors see Bitcoin as bubble: Survey
Bank of America released a new survey that found that the majority of professional investors are not very optimistic about the world’s largest cryptocurrency. Nearly 75% of respondents in the April Bank of America Fund Manager Survey said that they see Bitcoin (BTC) as a “bubble,” CNBC reported. The survey polled 200 respondents with $533 billion in assets under management. Just 16% of respondents said Bitcoin is not a bubble, while 10% were uncertain. More than 30% of survey respondents cited tech as the most crowded trade — i.e., an asset with a history of rapid price appreciation and a …
Bitcoin / April 15, 2021
Bitcoin is at a ‘tipping point’ in international trade, Citi says
The world’s largest cryptocurrency, Bitcoin (BTC), is at a defining moment in history, according to analysis from United States investment bank Citigroup. Bitcoin is now at a “tipping point” to either become the preferred currency for international trade or face a “speculative implosion,” Citi analysts reportedly said. According to a Reuters report Monday, Citi analysts are confident that Bitcoin is on the cusp of going mainstream. According to the report, Bitcoin’s tremendous potential has been fueled by recent big Bitcoin moves by companies like Tesla and Mastercard. Citi analysts wrote, “There are a host of risks and obstacles that stand …
Adoption / March 1, 2021
Crypto recruitment execs reveal the safest jobs amid layoff season
Despite a wave of heavy crypto layoffs to start the new year, employees in technical and engineering roles, as well as senior management, will likely continue to see “strong demand” for their skills, recruitment professionals believe. It’s been a tough first few weeks of 2023 for crypto businesses and their staff. Within just two weeks, the market has already seen more than 1,600 crypto-related job cuts as a result of continued market volatility and uncertainty. However, not all departments have seen the same level of cuts. SAFU: Senior-level tech and engineering Rob Paone, founder and CEO of crypto recruitment firm …
Blockchain / Jan. 18, 2023
South Korea’s Kimchi premium turns to discount
South Korea’s "Kimchi premium" has flipped to a discount again, meaning cryptocurrencies such as Bitcoin are now cheaper to buy on South Korean exchanges. The phenomenon is named after the Korean dish kimchi. The Kimchi premium refers to when the price of Bitcoin (BTC) trades higher on South Korean exchanges than in other markets. According to data from blockchain analytics provider CryptoQuant, the Korea Premium index has been shifting between the -0.24 and 0.01 range between Feb 17 and 19. As of writing, data on CoinMarketCap shows BTC is trading at roughly $24,464 on Coinbase and $24,487 on Binance. In …
Bitcoin / Feb. 20, 2023