Hyundai Motor Group’s securities arm has expanded its partnership with South Korean crypto exchange Bithumb – and will allow users of its applications to access real-time crypto markets data.
In an official announcement, Hyundai Motor Securities, one of South Korea’s largest securities providers, said it will add information about its clients’ crypto holdings to its MyData asset management platform.
MyData is a new and much-touted service in the South Korean financial sector. The service consists of government-regulated platforms that allow individuals to view all their assets and liabilities on a single platform. This means that even if customers have accounts with several banks, in addition to stocks – and now crypto – they will be able to view them all at once via this platform.
Only a few licensed business operators in the financial sector are allowed to offer MyData services, which are monitored by the Financial Services Regulatory Commission.
Hyundai Motor Securities’ MyData platform is called The Herb, and the company stated that the new partnership will allow crypto users to check transaction details, account statuses and market prices for selected currencies. The company also indicated that it would become the first securities firm in the country to offer crypto market monitoring functions in this way.
The company added that “customers who invest in digital assets” will be able to easily “manage” their crypto holdings via The Herb.
The move is the first major development from Hyundai Motor Securities and Bithumb since the two parties signed a “business partnership agreement” in June of this year.
MyData services have already raised some privacy concerns in South Korea. Late last year, Naver Financial accidentally let the financial data of about 100 of its customers leak online while testing its MyData service.
Last month, several media outlets indicated that crypto exchange giant FTX was eyeing a deal to buy a stake in Bithumb. The company has been up for sale for several months, but has struggled to find a buyer, with a number of high-profile deals in the negotiation stage.