The securities arm of South Korea’s second-largest business group will take the crypto plunge – and will team up with a domestic commercial bank as part of its efforts.
Per the media outlet The Public, SK Securities, part of the SK business empire, will launch a “digital asset custody business” in conjunction with DGB Daegu Bank, a regional commercial bank based in the city of Daegu. The parties have snapped up a 9.7% stake in a crypto custody startup named Infinite Block for an undisclosed sum.
The move is the first major crypto-related M&A from a South Korean securities firm. SK Securities added that it would seek to begin security token offerings (STOs) and non-fungible token (NFT) issuances. The company also wants to start offering crypto “management services.”
The SK Securities CEO Kim Shin was quoted as stating that the “blockchain market” was currently “in crisis” due to the “Terra/Luna incident” and multiple hacks.
Kim stated that Securities now “plans to create a...
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