Hanwha Asset Management in Talks With Ripple, Canary Capital on Digital-Asset Partnership
Summary
- Hanwha Asset Management is setting up a cooperation framework with Ripple and Canary Capital as it pushes deeper into the cryptocurrency market.
- The three companies are discussing specific ways to cooperate on digital-asset businesses, including cryptocurrency exchange-traded funds (ETFs) and real-world assets (RWAs).
- Hanwha Group is stepping up its digital-asset business, including Hanwha Investment & Securities' additional purchase of Dunamu shares that lifted its stake to 9.84%.
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Hanwha Asset Management is setting up a cooperation framework with Ripple, the issuer of XRP, and U.S. asset manager Canary Capital as it pushes further into the cryptocurrency market.
Industry officials said on Aug. 20 that Hanwha Asset Management has recently been discussing specific ways to work with Ripple and Canary Capital on digital-asset businesses. The effort is aimed at creating synergies by combining Hanwha's capabilities in designing and managing financial products with Ripple's blockchain and payments infrastructure.
Potential areas of cooperation include cryptocurrency exchange-traded funds and real-world assets, or RWAs. Canary Capital has experience operating crypto ETFs in the U.S., while Ripple has related technology.
Hanwha Group has stepped up its digital-asset business this year. In the first half, Hanwha Investment & Securities bought additional shares in Dunamu for about $432 million, raising its stake to 9.84% from 5.94%.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul