A major commercial bank in South Korea is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC). Shinhan Bank is looking to offer digital asset custody services.
Bank Expects to Offer Tech Capabilities to Face Defi-Related Hacking Risks
According to inews24, the bank announced the investment in the KDAC, a joint-venture custody company founded by a local crypto exchange, Korbit, blockchain firm Blocko and crypto researcher Fair Square Lab.
The Shinhan Bank spokesperson stated that their upcoming crypto-related services are suitable for an area that “can make good use of banks’ compliance capabilities and custody experience.”
But the bank claims to be one step ahead in terms of security for customers’ funds. In fact, they stressed that such a move would allow deploying technological capabilities to protect “from external and embezzlement risks.”
Shinhan Bank also wants the tech resources used in the project to be applied in the decentralized…