The Largest South Korea’s KB Kookmin Bank Joins the Crypto Custody of Digital Assets
August 8, 2020 9:13 am
We’re abruptly witnessing banks lining up to support crypto custody. In South Korea, one of the largest banks, KB Kookmin Bank, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to build “strategic technology cooperation” on the custody of digital assets.
The businesses on the partnership state that their beginning into the crypto custody business is an acknowledgement to regulatory changes. These changes inspired them to look into new business models, specifically ones which rely on blockchain technology.
“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.”–Simon Kim, CEO of the Hashed, A digital asset investment firm, Based in Seoul and San Francisco
In July, one of the major rivals of KB Kookmin Bank, “NongHyup, or NH Bank” announced that they plan to create crypto custodial services as well and proposed platform will only focus on institutional investors. After this statement of NH Bank, the KB Kookmin Bank announced about the strategic partnership of Hashed with KB Kookmin Bank, Haechi Labs and Cumberland Korea to develop the emerging market for digital assets in South Korea.
Per the local news on July 22, the Bank of Korea reportedly chose to organise a “Digital Innovation department” through organizational reform in the second half of this year as well.