The large South Korean bank KB Kookmin Bank plans to launch a cryptocurrency custodial service for its clients. The new feature will be available after a partnership with the blockchain venture fund Hashed, the digital asset trading platform Cumberland Korea, and the smart contract security audit firm – Haechi Labs.
Crypto Custody For KB Kookmin Bank Clients
The blockchain-based fund revealed the new partnership in a recent announcement, which will aim to enhance the “emerging market for digital assets in South Korea.” The collaboration “entails managing and storing digital assets, advocating for optimal regulatory developments, and transforming the traditional financial sector.”
KB Kookmin Bank (KB) is among the four largest banks ranked by asset value in the Asian country. Bank spokespeople have asserted that they believe the digitalization of the financial field will arrive swiftly, and all major banks have to be prepared. Additionally, they noted that the digital asset industry will not only involve cryptocurrencies, but also other traditional assets.
Those include real estate, artwork, and “other reified rights that will be issued and traded on blockchain platforms.” Consequently, the collaboration between the four organizations “beckons a start of a long journey in building the necessary technology stack.”
As CryptoPotato reported recently, South Korea is exploring options on how to tax cryptocurrency profits. The statement highlighted this as a step in the right direction from the nation’s previous stance to ban domestic ICOs in 2017.
KB Bank Is A Game Changer In South Korea
CEO of Hashed, Simon Kim, believes that the magnitude of a bank as large as KB carries the potential to make a significant change for the better for the cryptocurrency industry in the country and the region. When commenting on the new partnership, he also highlighted the importance of such collaboration for his company:
“I welcome this opportunity to collaborate with KB Bank so that South Korea can take the lead in the emerging market of digital assets. 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 ear of digital transformation.”