Securities Affiliate of Hyundai to Add Crypto to Its Asset Management Arm

August 22, 2022 11:05:00

Despite the fact that the crypto market has lost more than $2 trillion over the last couple of months as most cryptos have dropped significantly in value, companies are still keen on taking advantage of cryptocurrencies. Bitcoin and Ethereum saw their prices drop by more than 50% while a multitude of other cryptocurrencies went down by more than 90%.

Even so, several industries are looking to leverage cryptocurrency and its underlying blockchain technology to meet their various goals. Hyundai Motor Securities recently announced that it will incorporate information on its client’s cryptocurrency holdings onto MyData, its asset management arm. MyData is a service that consists of government-regulated platforms that aggregate people’s holdings onto a single platform.

This makes it possible for people to manage all their assets and liabilities on a single platform, including accounts from different banking institutions, stocks, real estate and now cryptocurrency holdings. Hyundai Motor Securities has partnered with Bithumb, a South Korean cryptocurrency exchange, to grant users real-time access to cryptocurrency market data. Users will be able to manage their crypto and other holdings via Hyundai Motor Securities’ MyData platform, which is called the Herb.

South Korea’s Financial Services Commission allows limited licensed operators in the financial space to offer MyData services. Hyundai Motor Securities says that users will be able to use the Herb to check on their account statuses, transaction details and market prices for digital tokens.

According to Hyundai Motor Group’s securities management arm, it will become the first company in South Korea to offer aggregated cryptocurrency marketing monitoring services via an app. The company signed an agreement with crypto-exchange company Bithub in June and acquired a corporate application programming interface (API) that can acquire data on users’ digital coin holdings, transaction details and crypto-market prices.

Hyundai Motor Securities will use this corporate API to offer its customers integrated asset management services via its MyData app, and it has already developed a system to make this integration possible. The addition of cryptocurrency management services to Hyundai Motor Securities’ asset management platform will be the first major development since the company partnered with crypto exchange Bithub in June.

That development comes several months after Naver Financial Corp. accidentally leaked the financial data of 100 customers online when it failed to separate its intranet from the internet during tests of its own MyData platform. The company was fined by the Financial Supervisory Service, and the data breach sparked data-privacy concerns for MyData services.

As more institutional players get onto the blockchain tech train, early entrants such as Marathon Digital Holdings Inc. (NASDAQ: MARA) are set to experience massive growth in the years ahead.

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