Shinhan Investment Corp. Collaborates with Wavebridge and Fireblocks on Bitcoin Spot ETF

Shinhan Investment Corp. announced on the 23rd that it has signed a Memorandum of Understanding (MOU) with Wavebridge and Fireblocks to develop a Bitcoin Spot Exchange Traded Fund (ETF) and embark on a joint research project.

The Bitcoin Spot ETF is an investment product that tracks the spot price of Bitcoin, allowing investors who do not directly own Bitcoin to trade it like stocks on an exchange. It is traded in major financial markets such as the United States, Hong Kong, and Canada. However, our financial authorities have not yet introduced the Bitcoin Spot ETF due to concerns about its negative impact on financial market stability and real economic productivity.

In this project, Shinhan Investment Corp. will take on the roles of the ETF's Authorized Participant (AP) and Liquidity Provider (LP). Wavebridge will serve as the Prime Broker in the virtual asset market, while Fireblocks will provide custody technology for the secure storage of Bitcoin.

Wavebridge is a company specializing in virtual asset trading and liquidity management, operating the corporate and institutional virtual asset brokerage platform Dolphin. Fireblocks is a virtual asset custodian. The three companies will combine their expertise to establish a Bitcoin Spot ETF business structure suitable for the domestic capital market and design the integration process with the existing financial system.

Lee Se-il, Head of Blockchain Scrum at Shinhan Investment Corp., stated, "Korea has long been a global market leader, ranking first in East Asia for virtual asset trading volume," adding, "The Bitcoin ETF presents a great opportunity for the Korean financial industry to stand out in the global financial market."

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com