Hyundai’s Securities Affiliate Adds Crypto Data to Asset Management Platform
Hyundai Engine groupits securities arm has expanded its partnership with the South Korean crypto exchange Bithumb – and will allow app users to access real-time crypto market data.
In an official announcement, Hyundai Motor Securitiesone of South Korea’s largest securities providers, explained that it will add information about its customers’ crypto holdings to its My data platform for asset management.
MyData is a much-hyped new service in the South Korean financial sector. The service consists of government-regulated platforms that allow individuals to view all their assets and liabilities on a single platform. This means that even if customers have accounts in several banks, in addition to stocks – and now crypto – they will be able to see them all at the same time via such a platform.
Only a few licensed business operators in the financial sector are allowed to offer MyData services, which are monitored by the regulator Financial Services Commission.
Hyundai Motor Securities’ own MyData platform is called The herb, and the firm stated that the new partnership would allow crypto users to check transaction details, account statuses and market prices for select coins. The firm also indicated that it would become the first securities firm in the country to offer such crypto market monitoring capabilities in such a manner.
The company added that “customers investing in digital assets” would be able to “easily manage” their crypto holdings via The Herb.
The move is the first major development by Hyundai Motor Securities and Bithumb since the two parties signed a “business partnership agreement” in June this year.
MyData services have already sparked some privacy concerns in South Korea. Late last year, the neobank service Naver Financial accidentally leaked the financial data of around 100 of its customers online while testing its own MyData service.
Last month, several media outlets suggested that the crypto exchange giant FTX looked at a deal to buy a stake in Bithumb. The company has been for sale for several months but has struggled to find a buyer, with a number of high-profile deals falling through at the negotiation stage.
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Learn more:
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– S. Korean market regulator wants to label Upbit, Bithumb ‘Large conglomerates’
– South Korean Crypto Exchange Heavyweight Bithumb Receives Operating License
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