Signed business agreements with digital asset custodian KDAC, Shinhan Bank and BitGo
Korea Digital Asset Trust (hereinafter referred to as KDAC CEO Joon-Hong Kim), a digital asset custodial company, announced on the 28th that it has signed a business agreement with Shinhan Bank and BitGo, the world’s largest digital asset financial service company. With this agreement, the three companies will jointly promote the development of solutions and customer service for digital assets. In addition, it plans to expand cooperation with various global virtual asset providers.
Bitgo is a global digital asset financial services company with over 400 institutional clients worldwide and processing more than 20% of global Bitcoin transactions. In particular, it provides a’Self-Managed Custody’ service that utilizes deep cold storage’, which is currently the safest offline virtual asset storage technology.
KDAC attracted Shinhan Bank’s strategic equity investment in January to carry out joint R&D to advance into the digital asset custodial business, while strengthening cooperation in overall digital asset-related services based on custody and De-Fi. Are doing. Among these, the business agreement will allow Bitgo’s custody business know-how to be added, and it is expected that KDAC will be able to leap to the world’s best digital asset custody company.
KDAC CEO Joon-Hong Kim said, “Bitgo’s Self-Managed-Custody service is the most optimized virtual asset management solution for the Asian market, where virtual asset-related security regulations are strict.” “Along with Shinhan Bank, the largest financial group in Korea, By working closely with Bitgo, we will provide the world’s best safe and convenient digital asset management service.”
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* What is Self-Managed-Custody?
-Bitgo’s unique customer-tailored solution, Self-Managed-Custody, is a virtual asset management solution optimized for the Asian market as clients can directly manage virtual assets offline without Bitgo intervention in their own country. There is less risk of hacking by applying deep cold storage technology that allows customers to create, store, and sign private keys and backup keys in a 100% offline environment that is not connected to the Internet. In Japan, 25% of exchanges licensed from the financial regulator, the Financial Services Agency (FSA), use Bitgo’s direct managed custodians to meet the regulations.
* What kind of company is Korea Digital Asset Trust (KDAC)?
-Founded in March 2020, KDAC is a digital asset specialized company that provides a custodial (consignment management) service that safely and conveniently stores and manages various types of digital assets owned by companies and individuals. KDAC, which started as a consortium of leading blockchain companies such as Corbit, Blocko, and Fair Square Lab, is attracting strategic investments from Shinhan Bank in January of this year, and business cooperation in general digital asset-related services is strengthening.
* KDAC, Bitgo, Shinhan Bank company logo
* Non-face-to-face business agreement with KDAC-Shinhan Bank-Bitgo
(From left to right, Shinhan Bank Kim Chul-ki, Director of Digital Innovation, BitGo, Pete Najarian, Chief Sales Officer (CRO), and Korea Digital Asset Trust (KDAC) Kim Jun-hong)
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.