South Korea’s largest bank launches a Crypto Custodial Service


Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future.

According to a report by local news channel Digital Today on March 27, the bank filed a trademark application for KBDAC in late January 2020, referring to a proposed subsidiary of Digital Asset Custody.

In the filing with the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in more than 20 areas, all related to the cryptocurrency industry.

These include trading, consulting and management of digital assets such as Bitcoin (BTC) and Ether (ETH). It also specifies the consignment, settlement and transactions of virtual assets with fiat currency.

The range of industries covered has led to speculation that KB Kookmin Bank is launching a subsidiary to offer financial services and products that receive and manage virtual assets in investment funds.

The name Digital Assets Custody provides a common thread connecting all these services. Based on previous trademark applications from the bank, the new subsidiary is expected to start in H1 2020.

Last June, KB Kookmin Bank partnered with Atomrigs Labs to explore solutions for digital asset management and protection.

KB Kookmin Bank has been proactive in its approach to blockchain technology. In a statement last October, the company stated that it believed in the spectrum of benefits it could bring to the financial services industry, and it planned to integrate blockchain technology into its internal processes.

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