Shinhan Bank-backed KDAC becomes Polymesh node operator, expanding the blockchain into security-token friendly South Korea

The Polymesh Association is excited to announce Korea Digital Asset Custody Co. (“KDAC”) as the first Polymesh node operator working to expand the security token blockchain into South Korea as the country prepares to become a security token hub.  

Aside from having another licensed financial entity contributing to Polymesh’s security, the collaboration will widen exposure of Polymesh’s purpose-built infrastructure for tokenized assets in a country intent on legalization and institutionalization of digital securities.  

Just two weeks ago, South Korea’s Financial Services Commission published its much-anticipated guidelines on which blockchain-based tokenized assets qualify as securities under the country’s capital markets rules. Clarity from the recent legislation is expected to strengthen the adoption of security tokens, particularly by increasing institutional involvement, and designate the country as a hotspot for security token offerings (STOs). 

Backed with equity investment from Shinhan Bank, KDAC is a digital asset custody management firm that provides safekeeping and storage of various types of digital assets for companies and individuals.  

Korea Digital Asset Custody provides digital asset custody services to 40+ clients including institutional investors and large corporations. 

KDAC’s involvement with Polymesh will help to push the blockchain into security-token friendly South Korea and neighboring jurisdictions in Asia, as well as connect Polymesh to the myriad of industry players focused on tokenization in KDAC’s ecosystem.  

“As a custodian with a close relationship to Korea’s largest commercial bank, Shinhan, the team at KDAC is intent on promoting the attraction of institutional digital assets”, says Minsu Kim, CEO at KDAC. “Since Polymesh has developed blockchain infrastructure specifically to solve challenges that institutions face when engaging in regulated digital assets, it’s a project we are eager to support as one of the companies running operator nodes”.  

Graeme Moore, Head of Tokenization at the Polymesh Association, said “The whole world is watching South Korea right now given the recent legislation and regulators’ positive approach to security tokens. We’re thrilled that KDAC, a reputable Korean-based company with strong interest in institutional digital assets, is the first Polymesh node operator to expand the chain into the country at such a critical time.” 

About KDAC

KDAC (Korea Digital Asset Custody), established in March 2020, is the first institutional digital asset custodian in Korea. In 2021, KDAC acquired ISMS & VASP approval (official license issued by K-FIU), and built a high integrity AML system. Based on its wallet technology, KDAC satisfies the needs of institutional investors while playing the most pivotal role as an innovator between digital assets and financial institutions. 

About Polymesh

Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality, and settlement.

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Visit polymesh.network to learn more.