Kookmin Bank (KB), among South Korea’s largest commercial banks, might be set to move into crypto industry business following the KB Group, the company that runs the bank, signed a “digital assets” alliance deal with three leading national blockchain companies.
Plus it seems like KB might be heading to the crypto custody enterprise. The move follows from a statement by one of its main competitors, Nonghyup Bank (NH), which last month announced it would establish custody solutions for institutional investors.
The conditions of the KB bargain pertain to “the storage and management of digital assets,” per E Today.
The companies – smart contract pro Haechi Labs, blockchain accelerator Hashed and crypto trading platform Cumberland Korea – penned the deal with the mind of their KB Group’s IT unit.
The firms also agreed to organize a “joint response to regulatory changes,” and start looking into “new business models that make use of blockchain technology” – and build an ecosystem which connects blockchain technology along with the traditional finance industry.
The mind of this KB Group’s IT unit said He expected KB along with the blockchain companies would “grow together by discovering innovative services in the digital asset sector.”
He included that KB expected to “expand” its own crypto operations later on.
In another announcement, Simon Kim, CEO of Hashed, stated this new venture “will open new doorways to customers as well regarding the nation in the new age of electronic transformation.”
The press outlet said that banks anticipate fiat money, property, artworks and electronic rights to be issued and traded because electronic assets in the not too distant future, along with crypto assets – a element that’s forcing banks toward adoption.
Industry players have told Cryptonews.com that additional commercial banks in the nation could unveil their particular crypto custody programs in the weeks or months beforehand.
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