South Korea’s largest bank Kookmin to launch digital asset custody solution

By Staff Writer

South Korea’s Kookmin Bank is reportedly entering the blockchain space with a new digital asset custody solution in partnership with blockchain startup Atomrights Lab, according to local newspaper Business Korea.

According to Business Korea, the two will “jointly study digital asset protection technology and smart contract application methods… and opted to actively explore new business opportunities in the field of digital assets.”

“The company will also develop digital asset management services that combine Atomrigs Lab’s technology with Kookmin Bank’s internal control infrastructure and information protection technologies,” the publication continued.

A move by such a major bank into the digital asset trust business could have a big impact on the cryptocurrency industry, according to the report. A financial institution that already has a high degree of credibility and brand recognition could potentially help eliminate concerns over the security of customers’ funds and suspect exchange operators.

Digital assets are hugely popular with Korean citizens, with the country ranking amongst the world’s most dynamic adopters of crypto assets, due partly to its tech-savvy youth and high mobile phone penetration.

“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management,” Coindesk Korea quoted a bank representative from saying. “We will continue to cooperate with various technology companies in the digital ecosystem to expand our offerings.”

 

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