According to reports from news outlet Forkast, banking platform NH Nonghyup has become the third business of its kind to invest in a digital asset custody service within South Korea. The Banks CEO, Kwon Jun-hak, confirmed the company has finalised its investments with the virtual asset custody service Cardo, in similar fashion to two competing banks, Kookmin and Shinhan.
Reportedly, Cardo’s custodial services currently covers services to hold Bitcoin (BTC), Ethereum (ETH) and Klaytn. Cardo and other firms have recently signed a contract for the services for digital assets following the conclusion of the second quarter of this year. The firms who have pledged their signature include Hexlant, Galaxy Armory and Korean Information Communication as well as Aton, a fintech security firm with investments in equities. The outcome of the agreement lead to Nonghyup committing almost 15% of Cardo’s total capital at the time which is thought to be around 2 billion won.
When compared to other equity investments, Cardo fosters services for buying crypto and non-fungible tokens (NFT), including their own Security Token Offering (STO) and digital asset agreements. Fintech firm, Aton has recently stated that Cardo is known to have services far beyond crypto market investments, claiming the firm has multiple token-based financial products spanning multiple industries.
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