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.
KB Kookmin Bank seeks to provide custody for digital assets in South Korea, reports @conexiondigicol https://t.co/z62qvaiEoh — Cointelegraph (@Cointelegraph) August 8, 2020
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