Crypto News – The value of the cryptocurrency assets under the custody of Korea Digital Asset (KODA), the biggest institutional crypto custody service in South Korea, increased by around 248% in the second half of 2023, the company reported on Thursday.
KODA Deposits More Than Tripled, Boosting ETF Hopes in South Korea
The blockchain technology company Haechi Labs, the major Korean bank KB Bank, and the cryptocurrency venture capital firm Hashed formed KODA together. According to a statement from KODA, the assets under its custody increased in value from 2.3 trillion Korean won at the end of June 2023 to approximately 8 trillion won at the end of last year.
KODA May Offer Infrastructure Support If ETFs are Approved in Korea
According to KODA’s statement, there is potential for an increase in the demand for crypto custody services in the future. Prior to the general election on April 10, both the government and opposition parties in South Korea declared earlier this week that they intend to implement local spot bitcoin exchange-traded funds (ETFs). Additionally, both sides promised to remove the restriction on institutional cryptocurrency investments.
In view of the flow of global capital markets such as the U.S. and Hong Kong, the institutionalization of digital assets is already irreversible, and I think KODA will play a key infrastructure role if the bitcoin spot ETF is approved in Korea,
Cho Jin-seok, chief executive officer of KODA
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