South Korea’s largest bank KB Kookmin is going the crypto way and is looking to float its own crypto custody firm for assets like Bitcoin (BTC) and Ether (ETH).
According to a report from a Korean media firm, the bank filed a trademark application for its new firm on January 31, 2020. The firm, KB Digital Asset Custody (KBDAC), is expected to be launched soon, as KB Kookmin has already begun not just the trademark application but also several other plans related to branding the products and services the new firm would offer.
The report says that KB Kookmin had begun planning KBDAC since June 2019, with Atomrigs Labs, its blockchain startup. The two entities had initially partnered to create several mainstream products that revolve around crypto services, via multi-party computation technology (MPC).
KB Kookmin’s interest in crypto is a big pointer to the future of crypto adoption in the country as it could easily change perceptions, encouraging more people to get involved in the sector. It is already being suggested that other banking giants in the country including Woori, Hana and Shinhan could also be convinced to get into crypto to compete with KB Kookmin.
South Korea’s crypto clime is welcoming, as last year, the country’s largest Telecom company KT announced plans for a digital asset.
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