03-30-2020 icon

South Korea’s Largest Bank Set to Launch Crypto Custody Service

By Sagetwriter

KB Kookmin, the largest bank in South Korea is set to launch a cryptocurrency custody service which would involve assets such as Bitcoin (BTC) and Ethereum (ETH).

This was confirmed according to a trademark application filed by the bank with the Korean Intellectual Property Office. The filing titled “KBDAC” – KB Digital Asset Custody indicates that the bank is developing virtual products and services, and is set to launch the service soon.

According to reports, the application expresses the bank’s desire to trademark KBDAC in over 20 areas, all related to the cryptocurrency industry.

The services listed include digital asset trading, investment advisory, and asset management. Others such as virtual asset consignment, settlement and transactions with fiat currency were also highlighted.

It will be recalled that the bank had partnered blockchain firm – Atomrigs Lab to develop a crypto custody service in June 2019; reports hint that this could well be a product of that project.

KB Kookmin bank is known to have actively expressed interest to integrate blockchain technology in its financial services, setting the pace for the possible adoption of the tech by other Korean top rival banks.