Securities firms expand footing into blockchain

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By Lee Min-hyung

Securities companies are rushing to expand their partnerships with blockchain technology players to seek joint business models in digital finance.

Kiwoom Securities said Tuesday it has clinched an agreement with Blockchain Global, a Seoul-based blockchain technology developer, for their joint investment in the booming industry. Both sides will join forces to co-develop fresh business models combining blockchain and finance.
The latter operates a series of blockchain-powered solutions in areas such as digital wallets and digital real estate platforms.

"We are going to preemptively collaborate with Blockchain Global, as part of our efforts to strengthen digital finance in line with the rise of the digital asset market, the growth potential of which remains high," Kim Hee-jae, the director of Kiwoom Securities' retail business unit, said. "We expect our usage of blockchain-backed technologies to offer new investment opportunities and revenues to our investors."

Blockchain Global CEO Kim Ho-young also pledged to make efforts to enhance stability for investors so that they can more actively engage in the digital asset market.

SK Securities, a brokerage affiliate of SK Group, also recently unveiled its vision of widening investments in blockchain. Back in April, the company established what it called a blockchain innovation finance team and shared its plan to release reports on digital assets and the blockchain on a regular basis.

Last year, the company also signed a partnership with Peertec, the operator of cryptocurrency trading platform GDAC here, on crypto custody services. The SK subsidiary also partnered with Haechi Labs for joint research and development of blockchain technologies used for financial services.

NH Investment & Securities and KB Securities are also showing keen interest in the digital asset market. Both companies are releasing regular reports on the digital asset market to meet the growing demand for crypto investment and the government's deregulatory policy stance toward the industry.

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