Today Shinhan Bank announced an investment in Korea Digital Asset Trust (KDAC), a consortium of startups that provides a digital asset custody solution. KDAC was formed in March 2020 by the Korbit cryptocurrency exchange, enterprise blockchain firm Blocko and research firm Fair Square Lab. Shinhan has an existing investment in Blocko, which developed the Aergo enterprise blockchain protocol.
The Shinhan KDAC deal was signed in October 2020 to partner in developing the solution and the investment.
According to Yonhap News, a Shinhan Bank official said, “Digital asset custody is an area where you can make good use of the bank’s compliance capabilities and custody experience.”
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