With total assets of over $ 290 billion and 20,000 employees, South Korea’s largest bank, KB Kookmin, will begin providing custody services for cryptocurrencies such as Bitcoin and Ethereum. The Bank also plans to offer services such as trading, investment consultancy and asset management in the crypto par area in the future.
South Korea’s largest bank, KB Kookmin, will begin offering cryptocurrency storage for assets such as Bitcoin (BTC) and Ethereum (ETH).
According to the news of The Block from the local news agency Digital Today; The bank applied to the South Korea Property Office under the name “KB Digital Asset Custody”. The application filed on January 31 is an indication that the bank will start the service soon.
An KB Kookmin Bank official told Digital Today that the new service is dependent on the contribution they started with Blockchain developer Atomrigs Lab in June 2019, but refused to give a specific launch date.
In June 2019, KB partnered with Atomrigs Lab to develop crypto custody service. Atomrigs Lab is an institution that secures cryptocurrencies using multilateral computing (MPC) and encryption technology.
In this technology, instead of a fixed key, you have a protection key protected by constantly changing passwords. Passwords are stored separately, but can be allowed collectively when processing.
Beyond the custody service, KB is preparing to offer services such as trade, investment consultancy and asset management.
The bank’s entry into the crypto world can also have a catalyst effect on the entire financial sector of South Korea. It can also help rival banks Shinhan, Hana and Woori enter the cryptocurrency industry.
Earlier this month, South Korean politicians voted through laws that imposed strict restrictions on money laundering to crypto companies. The law requires all crypto companies to comply with regulations in the country.