South Korea's Largest Bank Launch a Crypto Custodial Service

Published at: March 27, 2020

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future.

According to a report from local news outlet Digital Today on March 27, the bank filed a trademark application for KBDAC, referring to a proposed Digital Asset Custody subsidiary, at the end of January, 2020.

KBDAC trademark application for crypto-related industries

In the application to the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in over 20 areas, all relating to the cryptocurrency industry.

These include trading, consultation and management of digital assets like Bitcoin (BTC) and Ether (ETH). It also specifies virtual asset consignment, settlement and transactions with fiat currency.

The range of industry areas covered has led to speculation that KB Kookmin Bank is launching a subsidiary brand to offer financial services and products that receive and manage virtual assets in investment funds.

The Digital Assets Custody moniker provides a thread linking all of these services. Based on previous trademark applications by the bank, it is expected that the new subsidiary could launch as soon as H1 2020.

Atomrigs partnership comes to fruition

As Cointelegraph reported, last June KB Kookmin Bank partnered with Atomrigs Labs, to explore digital asset management and protection solutions.

KB Kookmin Bank has been proactive in its approach to blockchain technology. In a statement last October, it professed its belief in the spectrum of benefits it could bring to the financial services industry, and its intention to integrate blockchain technology into its internal processes.

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Business
Cryptocurrencies
South Korea
Banks
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