South Korea’s oldest bank invests in a Bitcoin custody consortium

South Korea’s Shinhan Bank invested in Korea Digital Asset Trust (KDAC) — an industry consortium of custodians, according to a Yonhap report.

The consortium was created by local cryptocurrency exchange Korbit in collaboration with blockchain startup Blocko and research company Fair Square Lab.

Plans to launch a cryptocurrency custody service at Shinhan Bank were first announced in August 2020. The chairman of the board and CEO of Shinhan Financial Group, Yong-Byung, believes the sector will benefit from the bank’s opportunities.

“We will ensure competitiveness in the custody services space and actively respond to the rapidly changing market for digital assets through the implementation of the Financial Information Act,” he clarified, Yong-Byung.

Earlier, Shinhan Bank invested $7.5 million in Blocko.

Earlier, KB Kookmin Bank will launch a cryptocurrency custody service.

Earlier, ING tested a custody solution for digital assets.

Standard Chartered timelines for launching a cryptocurrency custody service were named.

Follow ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.