KB Kookmin Bank Partners With Hashed And Cumberland Korea To Establish “Strategic Technology Cooperation” On The Custody Of Digital Assets
KB Kookmin Bank Partners With Hashed And Cumberland Korea To Establish “Strategic Technology Cooperation” On The Custody Of Digital Assets
August 8, 2020
KB Kookmin Bank Partners With Hashed And Cumberland Korea To Establish “Strategic Technology Cooperation” On The Custody Of Digital Assets
KB Kookmin Bank Partners With Hashed And Cumberland Korea To Establish “Strategic Technology Cooperation” On The Custody Of Digital Assets
August 8, 2020

KB Kookmin Bank, one of the largest banks in South Korea, has partnered with Hashed, the blockchain venture fund, and Cumberland Korea, the crypto trading platform, to establish “strategic technology cooperation” on the custody of digital assets.

It has been reported that the companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes.

However, these changes encouraged them to look into new business models, specifically ones which rely on blockchain technology.

Simon Kim, the CEO of Hashed, stated:

“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 era of digital transformation.”

Likewise, the announcement from KB Kookmin Bank comes after one of its major rivals, NongHyup (NH Bank) said early in July that they plan to create crypto custodial services as well. NH Bank’s proposed platform will only focus on institutional investors.

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Thus, on July 22, the Bank of Korea reportedly chose to establish a “Digital Innovation department” through organizational reform in the second half of this year as well.

Source: Cointelegraph | Image: CIO


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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