KB Kookmin Bank (KB), the most significant commercial bank in South Korea, has agreed on a deal with blockchain venture fund Hashed and crypto exchange Cumberland Korea to provide bitcoin custody solutions.
In January, the government-owned bank registered its trademark application for electronic assets custody together with the Korean Intellectual Property Office. The signature is named Kbdac. It covers over 20 crypto-related places.
Based on a statement on August 7, KB said it forecasts that the crypto sector will evolve past virtual monies to include additional traditional resources like property and art which will be issued and traded blockchain platforms.
The creditor, which reported a net profit of two.44 trillion won ($2.05 billion) in 2019, is currently positioning itself following rival NH Bank announced in July that it’s also likely to begin offering crypto custody solutions to corporate shareholders.
The two Hashed and Cumberland Korea suggested the agreement with KB was motivated by changes in law, which seem to encourage cryptocurrency along with other blockchain-oriented industry models.
Simon Kim, chief executive officer of Hashed, the crypto investment firm with offices in both San Francisco and Seoul, noted:
Mixing our comprehension in the blockchain business and providing both technical and industrial consultations will open new doorways to customers as well regarding the nation in ushering the new age of electronic transformation.
The information is as banks, that have since begun to muscle their way to the cryptocurrency distance, received backing in the U.S. government. In Julythat the Office of the Comptroller of the Currency gave local banks the go-ahead to control and store digital assets on behalf of the clients.
In South Korea, the government, that has banned ICOs, in March amended the Reporting and Use of Particular Financial Information Act to comprehend cryptocurrencies for the very first time and lately classified them to become taxable.
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