Korea Digital Asset Trust (KDAC), a virtual asset custodial company invested by Shinhan Bank, utilizes the technology of a virtual asset financial company 'Bitgo'.
On the 28th, Bitgo announced that it has signed a business agreement with Shinhan Bank and KDAC to provide digital asset custodial services and develop solutions.
KDAC is a virtual asset custodial company co-founded by Korbit (www.korbit.co.kr), a virtual asset exchange, Blockchain, a blockchain specialist, and Fair Square Lab, a virtual asset research company. Shinhan Bank recently invested in KDAC to strengthen its virtual asset-related service capabilities.
Bitgo is a company that has been providing custodial services professionally so far, and is seeking technical cooperation related to KDAC's custodial service. Bitgo's subsidiary, Bitgo Trust, has been officially accredited by the Division of Banking in South Dakota.
In particular, Bitgo plans to provide its own technology, 'Deep Cold Storage', to the Korean market. Deep cold storage is a technology that creates and stores a key to access virtual assets in an offline environment not connected to the Internet. It also provides a directly managed custodial service using the technology.
Shinhan Bank Digital Innovation Director Kim Chul-ki said, “With this business agreement, we have secured the competitiveness of a custodial service that safely stores digital assets of institutional investors and customers that will be expanded in the future. We will continue to make models.”
KDAC CEO Kim Joon-hong said, “With this cooperation, KDAC will be able to contribute to safely shaping the Korean digital asset market. We will provide users with digital asset custodial services with the best security.”
Pete Najarian, Bitgo Chief Revenue Officer (CRO) said, "The Korean market is a very important market that Bitgo is paying attention to, and we will do our best to provide custodial solutions to build a reliable digital asset market." Revealed.