South Korea’s biggest bank plans to launch a crypto custody service soon
The application was filed on January 31

As per the reports, South Korea’s biggest bank, KB Kookmin, is all set to launch a crypto custody service.

KB Kookmin,
which was among the four largest banks ranked by asset value in South Korea at
the end of March 2014, has filed a trademark application for KBDAC (KB Digital
Asset Custody) with the Korean Intellectual Property Office. The application
was filed on January 31.

the bank has not revealed the launched date it is believed that much of the development
work has been completed. It is also believed that KB Kookmin could also offer
other services related to digital assets such as investment advisory, trading,
and asset management.

Last year in June, the bank in partnership with Atomrigs Lab to develop a crypto custody service. Atomrigs Lab is a Seoul Based company that builds a product that secures virtual currencies using MPC (Multi-Party Computation) cryptography technology.

Earlier this month, South Korea had passed a bill in the parliament, making AML rules harsher and giving legitimacy to all crypto companies in the country.

Source - THE BLOCK

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