Daishin Securities, a Korea-based company specialized in the securities and investment banking business, has signed a memorandum of understanding (MOU) with Seoul based bitcoin exchange Coinone for the Bitcoin blockchain and the business sector cooperation.

The signing ceremony, that took place on April 14, was attended by Daishin Securities CEO Na Jae-Cheol and Coinone CEO Cha Myung-hoon, Business Korea reported.

Under the MOU, the two companies will work together to develop a financial system using stock service and blockchain technology. They plan to develop a service that will allow Daishin Securities customers to exchange their bitcoins into the won. In addition, Daishin clients will also be able to use bitcoin as a deposit option for the broker’s services. This is expected to significantly expand the domestic use of bitcoin by investors.

In an interview with beSUCCESS, Cha Myung-hoon said that the signing of the MOU with Daishin Securities marks the first step in planning and start of financial industry innovation. He added that Coinone is developing a unique application based on blockchain technology and will try its best to incorporate it into the stock market.

In addition to operating a bitcoin exchange, Coinone researches and develops block chain-based services including payment, e-wallet and remittance. It belongs to Yellow Financial Group.  

Daishin Securities is engaged in the securities dealing, brokerage and underwriting businesses, covering corporate bonds, government bonds, options, foreign exchanges, initial public offerings (IPOs), exchange traded funds, cash management accounts (CMAs), equity linked securities (ELSs), fund wrap accounts, investment strategy consulting and bond analysis services. Founded in the 1960s, it operates 84 branches within Korea, with subsidiaries in China and Japan. As of May 2013, investors had paid in roughly KRW 434.8 million (approximateky $380 million), in capital, CoinDesk reported.