Largest South Korean bank launches crypto-custody
The largest retail bank in South Korea, KB Kookmin Bank, with the most extensive branch network and the largest customer base seems to be launching a crypto-custody service.
The move was discovered by local news “Digital Today” as the bank filed for the trademark “KBDAC”: KB Digital Asset Custody with the intellectual property office in the country. This is the step that any company or institution take when they need to brand a certain product or service that will soon be launched.
A spokesperson for the bank told Digital Today that the trademark application, filed in January 2020, is in relation their recent partnership with Atomrigs Lab and declined to comment any further in regard to the launch date of that service.
This is a big step for South Korea that was once in the crypto spotlight. Back in 2017, CoinMarketCap had to exclude the country’s crypto prices from their formula because they were trading at a very high premium due to the large demand. While things cooled off, South Korean lawmakers cleared up the regulatory requirements for crypto-asset investing and trading.
The latter combined with Kookmin Bank’s latest venture with the largest customer base may once again kick off a wave of high demand as accessibility became much simpler.
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