Major Korean Bank Will Start Offering Crypto Custody Services

One major Korean bank, known as the KB Kookmin Bank, has made a new partnership that will enable offering cryptocurrency custodial services as we are reading more in the upcoming cryptocurrency news.

The Major Korean Bank KB Kookmin Bank plans to launch a crypto custodial service for the clients and the new feature will also be available after a partnership with the blockchain venture fund Hashed as the trading platform Cumberland Korea and the smart contract security audit company Haechi Labs. The blockchain-based fund explained that the new partnership in an announcement which will aim the improve the “emerging market for digital assets in South Korea.” The collaboration will bring management and storing digital assets advocating further regulatory developments and transforming the entire financial sector.

KB Kookmin Bank is among the four biggest banks by asset value in the Asian country. One spokesperson asserted that they believe the new features will arrive swiftly and most of the banks have to be prepared. They noted that the digital asset industry will not involve cryptocurrencies but will involve traditional assets. This includes real estate, other reified rights, artwork, and others that will be issued on the blockchain platforms. The collaboration between the four organizations “beckons a start of a long journey in a building the necessary technology stack.”

As per the reports, South Korea is digging into new options on how to tax cryptocurrency profits. This highlights a major step in the right direction from the nation’s previous stance to ban the ICOs in 2017. The CEO of Hashed, Simon Kim, truly believes that the magnitude of the banks as the KB Kookmin carries the strong potential to make major changes for the better for the cryptocurrency industry in the country and the rest of the region. When commenting on the new collaboration, he outlined the importance of this collaboration for the company:

 “I welcome this opportunity to collaborate with KB Bank so that South Korea can take the lead in the emerging market of digital assets. 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 ear of digital transformation.”