When it comes to adopting cryptocurrency-blockchain technology, Shinhan Bank from South Korea needs no introduction. It is one of the oldest and widely adopted banking institutions in the country that has shown great interest in crypto-digital custodies.
The Shinhan Bank has been making constant efforts to introduce new investment maneuvers in the digital-asset custody services.
Recently, a news agency group from South Korea, Yonhap, has released a report pertaining to Shinhan Bank’s recent developments. The newsgroup revealed on January 7, 2021, that the bank has recently invested in KDAC, which is a Korean Digital Asset Trust. The Korea Digital Asset Trust exists as a consortium that aims to provide digital asset custodies to the users and companies.
According to the sources, there are many entities from the financial institutions and crypto-verse that have collaborated in the investment program. The company that initiated the investment program is Korbit that collaborated with crypto/digital-firms that include Fair Square Lab and Blocko. For those who do not know, Fair Square Lab is a digital asset research company while Blocko is a newly launched blockchain network.
By investing in the new venture, Shinhan Bank has achieved another milestone in the cryptocurrency sector. With the new investment, the firm will be able to offer cryptocurrency custody business to the users.
Shinhan Bank is one of the most important banking institutions in the country that has been trying to acquire cryptocurrency-based custodies. It was back in August 2020, when the Shinhan bank announced that it was planning to develop or work with other firms to introduce its own crypto-custody.
It may be true that Shinhan bank has been making a lot of investments and developments in the crypto-sector, but it is not the only one doing it. Another South Korean bank that goes by the name ‘Woori’ is known for working in the same sector, trying to find innovative crypto-solutions for the citizens.
The CEO and Chairman of the Shinhan Bank, Yong-Byung Cho also commented on the bank’s recent developments and advancements in the crypto-custody sector.
Cho stated that the Shinhan Bank’s custody experience and compliance capabilities will facilitate digital-asset custody. With the combined efforts of the Shinhan Bank and the cryptocurrency firms, the bank will be able to expedite the crypto-custody program.
Cho stated that with the help of the new crypto-custody technology, the bank will be able to secure competitiveness in the financial-crypto institution markets. With the help of this technology, the bank will be able to tackle and deal with the changes that will take place in the cryptocurrency sectors.
He stated that the Special Financial Information Act will have a huge role to play in the advancement of the crypto-custody sector in South Korea.