The major South Korean bank KB Kookmin Bank plans to launch a custody service for crypto-currencies in the foreseeable future.
As reported by the local news agency Digital Today, the major South Korean bank filed a trademark application at the beginning of the year, which relates to a planned subsidiary in the field of digital asset custody.
The trade mark application covers several areas
The notification specifies both trading and consulting and management of digital assets such as Bitcoin or Ethereum. In addition, shipping, billing and transactions with Fiat currencies are listed. In the application to the Korean office responsible for this, the bank also expressed its wish to become active in all areas of the crypto industry. The term Digital Assets Custody allows these services to be well combined.
Service could be launched as early as the first half of 2020
On the basis of trademark applications filed by the Korean bank, it is expected that the subsidiary could be launched in the first half of the current year. It will be responsible for the safekeeping of the digital assets. In order to explore solutions for the management and safekeeping of digital assets, KB Kookmin Bank has already entered into a partnership with Atomrigs Labs in 2019.
According to media reports, the financial institution is taking a proactive approach to the new possibilities offered by block chain technology. The bank believes that the technology can bring many new benefits to the financial services industry. The bank further states that it intends to integrate the blockchain technology into its internal processes.
Kookmin Bank was founded in 1963 and has more than 40,000 employees.
*Originally published in German at CVJ.ch