The securities arm of Hyundai Motor Group has extended its partnership with South Korean cryptocurrency exchange Bithumb – and will allow users of their application to access real-time cryptocurrency market data.
In an official announcement, Hyundai Motor Securities, one of South Korea’s largest securities providers, explained that they will add information about their customers’ crypto holdings to their MyData asset management platform.
MyData is a new service that is heavily advertised in the financial sector of Korea. The service includes government-regulated platforms that allow individuals to view all of their assets and liabilities on a single platform. This means that even if customers have accounts at multiple banks, in addition to stocks – and now cryptocurrencies – they will be able to view them all at once through such a platform.
Only a few licensed business operators in the financial sector are allowed to offer MyData services, which are overseen by the Financial Services Commission as regulated.
Hyundai Motor Securities’ MyData platform is named The Herb, and the company has announced that the new partnership will allow crypto users to check transaction details, account status, and market prices for various transactions. selected currency. The company also indicated that it will become the first securities company in the country to offer cryptocurrency market monitoring functions in such a manner.
The company added that “customers who invest in digital assets” will be able to “easily manage” their crypto holdings through The Herb.
The move is the first major development for Hyundai Motor Securities and Bithumb since the two sides signed a “business cooperation agreement” in June this year.
MyData services have raised some privacy concerns in South Korea. Late last year, new banking service Naver Financial accidentally allowed the financial data of about 100 of its customers to leak online while it was testing its own MyData service.
Last month, multiple media outlets reported that crypto exchange giant FTX was eyeing a deal to buy shares of Bithumb. The company has been up for sale for several months but has struggled to find a buyer, with several well-known deals failing at the negotiation stage.
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