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Major South Korean Bank Is Offering Crypto Custody

A big commercial bank in South Korea is entering the crypto market by engaging in the Korea Digital Asset Trust (KDAC). Shinhan Bank is providing digital asset custody service.

The bank confirmed its investment in KDAC, a joint venture custody firm established by the local crypto exchange, Korbit, the blockchain company Blocko and the crypto researcher Fair Square Lab, according to inews24.

The spokesman for Shinhan Bank claimed that their incoming crypto-related offerings are fitting for an area that “can make good use of banks’ compliance capabilities and custody experience.”

Yet in terms of protections for customers’ funds, the bank claims to be one step ahead. In fact, they stressed that such a change would allow technical capabilities to be implemented to defend “from external and embezzlement risks.”

Shinhan Bank also intends the technology resources used in the project to be used in the sectors of decentralized finance (Defi), which were frequently attacked by hacking incidents in 2020. On the investment, Cho Yong-byeong, chairman of the Shinhan Financial Company, commented:

In a situation where all companies, regardless of business, are digitally active, the fate of Shinhan will also depend on digital transformation. Based on the driving system, all Shinhan people should accelerate digital innovation with one heart.

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