The largest bank of South Korea, KB Kookmin, is all set to start crypto custody services for leading cryptocurrencies including bitcoin and ether in the future. According to local news reports, the bank has filed a trademark application for “KBDAC” – KB Digital Asset Custody – with the Korean Intellectual Property Office.
The bank plans to launch the crypto custody service soon.
According to the local reports, the largest bank of South Korea KB Kookmin is soon planning to launch crypto custody services in the country. A KB Kookmin Bank official told Digital Today that KBDAC is similar to what the bank decided to do with blockchain startup Atomrigs Lab in June 2019, however the bank did not reveal the launch date.
The bank partnered with Atomrigs Lab to develop a crypto custody service.
In June 2019, KB Kookmin partnered with Atomrigs Lab to develop a crypto custody service. Atomrigs Lab builds a product that secures cryptocurrencies using multi-party computation cryptography technology. The report also suggests that beyond the crypto custody offering, the bank could also offer other services related to digital assets such as trading, investment advisory, and asset management. Earlier, South Korea had passed a bill in the parliament, making AML rules more strict and giving legitimacy to crypto companies in the country.