Hyundai’s Securities Affiliate To Add Crypto To Asset Management

Hyundai’s securities affiliate, a security devision of Hyundai Motor Group, has expanded the collaboration with South Korean cryptocurrency exchange Bithumb, which now will enable app users to receive real-time cryptocurrency market data.

One of South Korea’s largest securities providers, Hyundai Motor Securities, made an official announcement explaining that it will be adding information on its clients’ cryptocurrency holdings to its MyData asset management platform.
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Hyundai’s Securities Affiliate To Add Crypto To Asset Management Platform

A much-hyped new service in the financial industry of South Korea is called MyData. The service consists of platforms that are subject to government regulation and that enable users to access all of their assets and obligations in one place. This implies that users of such a website would be able to monitor all of their accounts simultaneously, even if they have accounts with different banks, in addition to equities and, now, cryptocurrencies.

MyData services are restricted to a small number of financial sector-regulated company operators, and they are governed by the Financial Services Commission.

The Herb Is The Word

The Herb is the name of the MyData platform owned by Hyundai Motor Securities, and according to the company, the new relationship would enable cryptocurrency users to view transaction information, account statuses, and market values for certain coins. The company also stated that it will be the first securities firm in the country to provide such features for monitoring the crypto market.

The Herb would let clients who invest in digital assets” to simply manage” their cryptocurrency holdings, the business stated.

Since the two companies inked a business collaboration agreement in June of this year, the action is the first significant advancement from Hyundai Motor Securities and Bithumb.

In South Korea, MyData services have already raised some privacy issues. Late this year, when testing its own MyData service, the neobank service Naver Financial unintentionally let the financial information of about 100 of its users to leak online.

Several media reports reported last month that the world’s largest cryptocurrency exchange, FTX, was considering a deal to acquire a share in Bithumb. The firm has been up for sale for a while, but so far no one has come forward to acquire it. A number of high-profile bids have fallen through during the negotiating phase.

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