Max - Cryptocurrency Consultant - 27-09-2021
As reported by Forkast in recent news, NH Nonghyup is the third bank within the borders of South Korea to purchase a digital asset custody service. Reportedly, the Nonghyup Bank had invested in the asset despite being illegal to run its own within the country. The CEO of the Bank, Kwon Jun-Hak, said that the company has now officially invested in a virtual asset custody service, similar to the two other banks, Kookmin and Shinhan. According to Jun-Hak, the Nonghyup Bank has strategically invested in digital asset custodian Cardo.
The latest investment service deployed by the bank has been dubbed the Vault Custody, which currently holds Bitcoin (BTC) investments, Ethereum (ETH), and Clay. Additional companies have recently agreed and signed a contract for services within the digital asset industry in the second quarter of the year. The companies involved in the signing included Hexlant, Galaxy Armory, and Korea Information Communication. Reportedly, Aton, a fintech security firm known for investing in equities, had also signed the agreement. The outcome of the agreement resulted in Nonghyup Bank committing just shy of 15% of Cardo's capital; at the time, this was worth about 2 billion won.
In comparison to other equity investments, Cardo promotes crypto buying, non-fungible tokens (NFT), security token offering (STO), custody, and digital asset settlements. According to the fintech firm, Aton has stated that Cardo is not just known for crypto market investments. The company also has multiple other token-based products from various industries.