South Korea’s SK Securities Teams Up With Regional Bank For Crypto Custody, NFT Move
The securities arm of South Korea’s second-largest business group will take the crypto plunge — and will merge with a domestic commercial bank as part of the effort.
According to the media The Public, SK Securitiesportion of SK business empire, will launch a “digital asset custody business” in connection with DGB Daegu Bank, a regional commercial bank based in the city of Daegu. The parties have taken up a 9.7% stake in a start-up crypto depository Infinite block for an undisclosed sum.
The move is the first major crypto-related M&A by a South Korean securities firm. SK Securities added that it would seek to launch security token (STOs) and non-fungible token (NFT) issuances. The company also wants to start offering crypto “management services.”
SK Securities CEO Kim Shin was quoted as saying that the “blockchain market” was currently “in crisis” due to the “Terra/Luna incident” and several hacks.
Kim stated that Securities now “plans to create a platform that allows companies to safely and conveniently operate and manage digital assets.”
Infinite Block describes itself as a blockchain technology-powered fintech outfit developing digital financial infrastructure for both the traditional and emerging financial markets.
DGB Daegu Bank president Lim Seong-hoon was quoted as saying:
“This investment is meaningful in that it is the first time a national regional bank has moved into the digital asset market. It is a market with great potential. We want to work with excellent companies and deliver high quality services to our clients.”
The news comes hot on the heels of crypto-related developments from one of SK Securities’ biggest rivals – Hyundai Motor Securities.
Yesterday, Cryptonews.com reported that Hyundai Motor Securities has entered into an agreement with the crypto exchange Bithumb. The agreement will allow users of Hyundai Motor Securities’ asset management platform to check the status of their crypto holdings, as well as monitor token market prices.
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Learn more:
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– Savings Bank Heavyweight OK Financial Group Reveals Crypto Asset Launch Plans
– Hyundai’s Securities Affiliate Adds Crypto Data to Asset Management Platform
– Korean Business Heavyweights Team Up for Blockchain Insurance Project
– Kimchi Premium Trading Total may be almost twice as high as first thought, says the regulator
– South Korean prosecutors end Terra Raids on stock exchanges, tech and VC firms
