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Nonghyup Bank Invest in Digital Asset Custody Business Cardo

Nonghyup Bank Invest in Digital Asset Custody Business Cardo News
  • Nonghyup Bank CEO invested in the digital asset custody business.
  • The bank has made a strategic equity investment in Cardo.
  • The service named ‘Vault Custody’ can entrust Bitcoin, Ethereum, and Clay.

Nonghyup Bank CEO Kwon Jun-Hak said that the bank also joined the digital asset custody business, following Kookmin and Shinhan. Moreover, the bank has made a strategic equity investment in Cardo, a digital asset custodian firm.

In addition, they named the service, Vault Custody. It currently trusts Bitcoin, Ethereum, and Clay.

At the same time, Nonghyup Bank said:

Three firms including Galaxy Armory, Korea Information Communication, and Hexlant, which signed a ‘business deal for service in digital asset business in July, and ‘Aton,’ a fintech security firm, engaged in equity investment did.

Therefore, Nonghyup Bank invested less than 15% of Cardo’s total capital amounting to 2 billion won.

On the other hand, according to Aton, Cardo promotes custody, non-fungible token (NFT), security token offering (STO), and digital assets settlement-related business.

Additionally, Aton also mentions that the Cardo service area is not only for cryptos, but also for various tokenized goods such as real estate and artworks. Besides, it is a blockchain-based new plan to connect financial services.

Likewise, Nonghyup Bank CEO Kwon Jun-Hak said, “With this equity investment as a chance, we have secured competitiveness in digital finance through help with leading firms in the field of blockchain technology.”

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Cho Amisola is a passionate writer for both creative writing and digital publishing. She’s been featured and published in both areas and is now focusing on blockchain news.