Shinhan Bank, a large commercial bank in South Korea, has announced plans to offer digital asset custody services.
Thus, the bank is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC). KDAC is a joint-venture custody company founded by a local crypto exchange, Korbit, blockchain firm Blocko, and crypto researcher Fair Square Lab.
One of the bank’s rivals, Kookmin, announced in November 2020 that they had created a ‘digital asset management company’ jointly with local blockchain players. However, Kookmin and Shinhan Bank are not the only ones making a move into the crypto custody business.
In July 2020, NH Bank unveiled its plans to build a crypto custodial services platform for institutional investors. The bank also hinted at the possibility of offering custodial services to the Bank of Korea (BOK) for its forthcoming central bank digital currency (CBDC).
To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs.
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