Hyundai Motor Group’s securities division and South Korea’s major securities provider, Hyundai Motor Securities, has extended its collaboration with local crypto exchange Bithumb and will enable app users to receive crypto markets data in real-time.
According to an official statement from Hyundai Motor Securities, it explained that it will be adding information on its customers’ crypto holdings to its asset management platform, MyData.
MyData is a highly anticipated new service in the financial sector of South Korea. The service consists of platforms subjected to government regulations where individuals can view all of their assets and liabilities. This implies that customers can view all of their multiple accounts, stocks, and now cryptos, on a single platform.
MyData services are restricted only to a small number of licensed financial business operators, governed by the regulatory Financial Services Commission.
The Herb is the name of Hyundai Motor Securities’ own MyData platform. The company stated that crypto users can check on account statuses, transaction details, and market prices for selected coins with the new partnership.
The firm also said it will be the first securities firm in the country to provide such functions for monitoring the crypto market.
In South Korea, there are some privacy issues that were found in MyData services. During late-2021, Naver Financial had unintentionally leaked 100 of its customers’ financial data online when testing the MyData service.
Several media outlets reported last month that the world’s largest crypto exchange, FTX, was considering acquiring a share in Bithumb. The firm has been up for sale for several months but so far no buyers were found. During the negotiations stage, a number of high-profile deals have fallen through.
