Shinhan Bank Enters Digital Asset Custody Business
Strategic Investment in KDAC, a Digital Asset Custody Specialist Company
[Asia Economy Reporter Jo Gang-wook] Shinhan Bank announced on the 7th that it will pursue a strategic equity investment in Korea Digital Asset Custody (KDAC), a custody specialist company, to enter the digital asset custody market.
This investment was made with the goal of conducting research and development (R&D) and joint business promotion for digital asset custody with KDAC, which was established by ▲virtual asset exchange Korbit ▲blockchain technology company Blocko ▲digital asset research company Fair Square Lab.
Shinhan Bank expects that this investment will enable it to secure competitiveness in custody services that safely store customers' digital assets from external hacking, embezzlement, and other incidents, and to build business capabilities across digital asset services utilizing custody and decentralized finance (DeFi) as the market expands.
Additionally, through cooperation with investment partners, the bank plans to continuously create business models that enhance customer convenience and diversify asset portfolios, and will focus on custody service capabilities for institutional investors through collaboration with KDAC.
A Shinhan Bank official stated, "Digital asset custody is an area where the bank's compliance capabilities and custody experience can be well utilized," adding, "We will provide safe and convenient digital asset management services to proactively respond to the rapidly changing digital asset market, including the enforcement of the Special Financial Transactions Information Act, and discover innovative customer services."
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Shin Yong-byeong, Chairman of Shinhan Financial Group, recently emphasized in his New Year's address, "In a situation where all industries are betting their lives on digital, Shinhan's fate will also be determined by 'Digital Transformation (DT)'," and stressed, "Based on the DT driving system established last year, all Shinhan employees must unite and accelerate digital innovation."
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