Largest South Korean Bank Enters Crypto Custody Business

KB Bank (Courtesy: XRP limited)
KB Bank (Courtesy: XRP limited)

As the business of cryptocurrency continues to develop across the globe, a mega South Korean bank has entered the crypto custody market. KB Kookmin Bank is one of the largest and well known bank in the country. It has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to build a strategic technology cooperation on the custody of digital assets.

These companies, through their partnerships, will help the inception into the crypto custody business is a response to regulatory changes.

“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,” Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed said.

The bank made the major announcement after its rival NongHyup in July mentioned that they plan to create crypto custodial services. NH Bank will however focus on institutional investors.

Recently, a local media reported that, The Bank of Korea reportedly chose to establish a “Digital Innovation department” through organizational reform.