South Korea's largest bank KB Kookmin enters digital asset trust business

According to Coindesk's June 11 report, South Korea's largest bank, KB Kookmin, is preparing to launch a digital asset custody service.

Image source: pixabay

A report from CoinDesk Korea showed that the agency is working with blockchain startup Atomergs Consulting, which signed a strategic commercial agreement on June 10.

• imToken announcement | MGC wallet users please pay attention to security risks
• McKinsey: Retail banking brings new opportunities with blockchain technology
• Babbitt Column | What impact will macroeconomic fluctuations have on the blockchain industry?

Atomics Labs is developing a product called Lime that uses MPC technology to secure digital assets such as cryptocurrencies.

National Bank of Korea and Atomics Lab will develop a digital asset custody service that will combine Atomics Lab's technology with KG's internal control infrastructure and information protection technology.

The two companies aim to collaborate on digital asset protection technologies and smart contract applications and explore new businesses in the digital asset arena. In addition, cooperation on blockchain networks and the establishment of a relevant ecosystem in the financial sector are also within their plans.

According to reports, such a large bank entering the digital asset trust business may have a major impact on the cryptocurrency industry. A highly-reputed financial institution will help eliminate concerns about the safety of people's clients and the operators of suspicious exchanges. A representative of the bank said:

“We hope that by discovering innovative services in the field of digital asset management, the two companies will grow together. We will continue to work with various technology companies in the digital ecosystem to expand our product range.”

Kookmin Bank named its core technology "ABCDE" [representing artificial intelligence (AI), blockchain, cloud, data and ecosystem], CoinDesk Korea station wrote, Since last year, the bank has been driving the company's digital transformation.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!