A major South Korean bank enters the cryptocurrency trust business
KB Kookmin Bank, one of the largest banks in South Korea, has partnered with the Hashed blockchain venture fund and the Cumberland Korea cryptocurrency trading platform to establish a "strategic technology partnership" to care for digital assets.
The partnership companies say the launch of a cryptocurrency trust is a response to regulatory changes. These changes encouraged them to look at new business models - especially those that rely on blockchain technology.
Simon Kim, CEO of a Seoul and San Francisco-based company Hashed, stated:
"Combining our insight into the blockchain industry with technical and commercial consultation will inevitably open new doors for both consumers and the country that has ushered in a new era of digital transformation."
KB Kookmin's announcement came after a statement from one of its main rivals, NongHyup or NH Bank. NH Bank announced in early July that it also plans to create cryptocurrency custody services. However, the platform proposed by NH bank will focus solely on institutional investors.