Biggest South Korea Bank Joins Crypto Custody Business

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Aug 9, 2020 0 min read

Many banks are lining up to support crypto custody and one such bank KB Kookmin Bank is getting into the action.

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

The companies involved with partnership says that their inception into the crypto custody business is a response to regulatory changes. The changes encouraged companies to look into new business models — specifically ones which rely on blockchain technology.

The CEO Of the Seoul and San Francisco-based firm, Hashed, Simon Kim said,

"Combining our insight into 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."

KB Kookmin Bank's biggest rival NongHyup, or NH Bank, also has stepped-in to create crypto custodial services. However, NH Bank’s proposed platform will only focus on institutional investors.

As per the local news outlet, the Bank of Korea chose to establish a “Digital Innovation department” through organizational reform in the second half of this year as well.

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