South Korea Major Bank KB Kookmin Bank Looking for Crypto Custody

According to a news release from South Korea’s Ministry of Financial Services and Trade, teams establish strategic technology cooperation to protect digital assets. Bitcoin, the world’s most popular digital currency.

The company, which is part of the partnership, said it was responding to regulatory changes and was the first of its kind in South Korea. These changes encourage the use of blockchain technology-based financial services such as credit cards – to assess the risks and benefits of digital currencies and other digital assets, the Communication says.

However, the platform proposed by NH Bank will only focus on institutional investors.

KB Kookmin Bank’s announcement comes after Bank of Korea, Korea’s second-largest bank by assets under management, announced in early July that it would set up a cryptocurrency depository service.

In January, South Korea’s second-largest bank, Bank of Korea (KB), launched a platform to offer custodian services for Bitcoin and other cryptocurrencies such as Litecoin and Bitcoin Cash. Just three weeks later, KB Kookmin, the country’s largest bank, submitted its plans for a crypto-depository platform. Details from the Korean Intellectual Property Office show that the trademark application of the bank characterizes KBDAC as a “custodian service” that offers “cryptocurrency custodian services” as well as “custodian services for digital currencies.” 

According to reports, Bank Korea has decided to set up a digital innovation department in the second half of this year as part of its organizational reforms, as reported by local news on July 22.

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