Shinhan Bank, South Korea’s oldest banking institution, continues its efforts to provide digital real estate preservation services with new investments.
Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry association of digital asset custodians, according to a report released January 7 by Yonhap News Agency. The initiative was launched by Korbit in partnership with blockchain startup and digital asset research firm Fair Square Lab.
With new investments, Shinhan Bank is close to launching its cryptocurrency business. In August 2020, Shinhan Bank announced its plans to introduce a cryptocurrency exchange service with another major South Korean bank, Woori.
Shinhan Financial Group Chairman and CEO Yongpyeong Chu said that digital asset custody would benefit from the bank’s regulatory compliance capabilities and custody experience. “We will be competitive in the storage space and will actively respond to the rapidly changing digital asset market through the implementation of the Private Financial Information Act,” said the CEO.
Cointelegraph contacted Shinhan Bank and Corbett with further investment inquiries. This article will be updated with new information.
Shinhan Bank has previously invested in companies supporting the KDAC initiative. In August 2019, Shinhan Bank participated in Blocko’s $ 7.5 million funding round. The bank is also involved in blockchain-related developments such as blockchain equity lending.