Hyundai's Securities Affiliate To Add Crypto Data To Its Asset Management Platform
Securities Division of Hyundai Motor Group Expands Partnership with Bithumb, South Korean Cryptocurrency Exchange, to Provide Real-Time Market Data to Hyundai Motor Group Investors.
One of South Korea's top securities firms, Hyundai Motor Securities, said in a press release that it would include cryptocurrency ownership data in its MyData asset management platform.
MyData is a much-touted new financial service in South Korea. The service consists of government-regulated portals enabling users to access all their assets and obligations on a single platform. It implies that users can see all their financial accounts in one place, including those at different banks, stocks, and now cryptocurrency.
Only a few licensed financial sector company operators can provide MyData services, which the Financial Services Commission oversees.
Herb is the name of Hyundai Motor Securities' MyData platform. The company announced that the new relationship would enable crypto users to monitor transaction information, account statuses, and market values for chosen currencies. The business also said it would be the first securities firm in the country to provide such crypto market monitoring features.
Herb would let "clients who invest in digital assets" "simply manage" their crypto holdings. It is the first significant move by Hyundai Motor Securities and Bithumb since the two companies signed a "business partnership agreement" in June of this year.
In South Korea, MyData offerings have already raised some privacy issues. Late last year, when beta-testing its own MyData service, neobank service Naver Financial unintentionally exposed the financial information of about one hundred of its users to the public.
In the last month, reports have surfaced that crypto exchange major FTX is considering purchasing a stake in Bithumb. The firm has been on the market for some months. Still, it has not found a buyer, with many high-profile transactions falling through during the negotiating stage.
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