Cointelegraph.com has published an article about Shinhan Bank’s new investment in Korea Digital Asset Trust.
Shinhan bank invested in Korea Digital Asset Trust, a consortium launched by Blocko and Fair Square Lab.
Blocko is the developer and supporter of AERGO blockchain. Blocko is to Aergo like what BlockOne is to EOS / Consensys is to Ethereum.
Here is the text of the article on our website:
Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital-asset custody services with a new investments.
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 with collaboration startup Blocko and digital-asset research firm Fair Square Lab.
With new investments, 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, Woorl. 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 the custodian services industry and proactively respond to the rapidly changing digital asset market thanks to the Special Financial Information Law,” 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.