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 <p class="paragraph">Korea Digital Asset (KODA), a prominent player in the digital asset custody sector, has surpassed 8 trillion won (approximately $6 billion) in assets under custody as of February 22.</p>
 <h2 class="wp-block-heading" id="h-koda-s-staggering-growth">KODA’s staggering growth</h2>
 <p class="paragraph">Established in November 2020 by blockchain investment firm Hashed, KB Kookmin Bank, and blockchain technology company Haechi Labs, KODA specializes in secure storage and digital <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> management for corporate and institutional clients, duly registered by the Financial Intelligence Unit (FIU).&nbsp;</p>
 <p class="paragraph">KODA’s custody assets have experienced rapid growth, escalating from 2.3 trillion won (around $1.7 billion) in June 2023 to 8 trillion won (approximately $6.0 billion) by December 2023.&nbsp;</p>
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 <p class="paragraph">The surge solidified KODA’s position with a remarkable 80% market share in the South Korean digital <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> <a rel="noopener noreferrer nofollow" title="custody" href="https://thebittimes.com/tag/custody.html">custody</a> market (more than 200 wallets and 50 corporate clients).</p>
 <h2 class="wp-block-heading" id="h-what-s-in-store-for-koda">What’s in store for KODA?</h2>
 <p class="paragraph">In light of heightened custody demands and digital assets formalization, KODA has consistently enhanced its systems to align with the standards of the highest-ranking financial institutions.&nbsp;</p>
 <p class="paragraph">Jo Jin-Seok, formerly overseeing the Technology Innovation Center at KB Kookmin Bank, was appointed CEO at the end of 2023, with 60% of KODA’s general workforce coming from a banking background.</p>
 <p class="paragraph">With the Korean general elections around the corner, we are seeing increased focus on the institutionalization of digital assets, including the approval of Bitcoin (BTC) spot ETFs and corporate crypto investments.&nbsp;</p>
 <p class="paragraph">KODA CEO Jin-Seok Cho stated:&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Leveraging our years of expertise in custody services, we are fully committed to contributing to the development of a safer and more reliable digital asset ecosystem. Considering the global capital market trends in countries like the US and Hong Kong, the institutionalization of digital assets is inevitable. If a Bitcoin spot ETF were to be approved domestically, we believe KODA would play a critical role as a key infrastructure provider.”</p> <cite>— KODA CEO Jin-Seok Cho</cite>
 </blockquote>
 <p class="paragraph">While the opposition party initiated the discourse, the ruling party outlined specific proposals, such as the issuance, listing, and trading of Bitcoin spot ETFs, their integration into individual savings accounts, and laxer digital asset tax regulations.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-the-international-market">The international market</h2>
 <p class="paragraph">In the US market, the approval of a Bitcoin spot ETF in January led to the launch of eleven ETFs within a month.&nbsp;</p>
 <p class="paragraph">Hashed CEO Simon Kim said:&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Looking at the US market, where a Bitcoin spot ETF was quickly launched following its approval, it’s crucial to preemptively address investor protection, fair valuation of market <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s, and institutional-grade <a rel="noopener noreferrer nofollow" title="custody" href="https://thebittimes.com/tag/custody.html">custody</a> and management. KODA, as the most widely used <a rel="noopener noreferrer nofollow" title="custody" href="https://thebittimes.com/tag/custody.html">custody</a> service among Web3.0 companies in our country, is expected to play a key role in the introduction of digital <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> ETFs, based on its regulatory compliance framework and technical capabilities.”</p> <cite>— Hashed CEO Simon Kim</cite>
 </blockquote>
 <p class="paragraph">Coinbase Custody assumed custodianship for 8 of these ETFs, accounting for 90% (or $37 billion) of the total $40 billion in Bitcoin spot ETF assets.&nbsp;</p>
 <p class="paragraph">This development highlights the crucial role custodians play in managing and safeguarding digital investments within the growing ETF market.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/koda-s-assets-under-custody-soar-past-6-billion-tbt81843.html">https://thebittimes.com/koda-s-assets-under-custody-soar-past-6-billion-tbt81843.html</a></p>

KODA’s assets under custody soar past $6 billion

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