South Korean Banking Giant Plans to Launch Bitcoin and Crypto Custody Services

Share this story:

KB Kookmin, one of the largest banks in South Korea, is on the move to launch Bitcoin and crypto custody services after teaming up with crypto trading platform Cumberland Korea and blockchain venture fund Hashed.

In a blog post, Jin Kang, legal and compliance officer at Hashed, says the strategic partnership will focus on securing and managing digital assets, lobbying for favorable regulatory measures, and working on the development of the legacy financial system.

The establishment of the consortium comes after the South Korean government passed legislation that legalizes cryptocurrencies and considers digital assets as taxable properties. The shift in the government’s regulatory stance gave South Korea’s largest banks, including KB Kookmin, the push to dabble in crypto assets.

But KB Kookmin’s jump into the digital asset space is not limited to Bitcoin and other cryptocurrencies. The banking giant also expects the digitization of other asset classes.

“KB Kookmin Bank, the largest bank of the four, anticipates that the digital asset industry will not only involve cryptocurrencies, but also other traditional assets such as real estate, artwork, and other reified rights that will be issued and traded on blockchain platforms. The partnership, therefore, beckons a start of a long journey in building the necessary technology stack.”

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post South Korean Banking Giant Plans to Launch Bitcoin and Crypto Custody Services appeared first on The Daily Hodl.

Read More

All provided materials and tools are for entertainment purposes only and should never be considered financial advice. Crypto News 19 will not take any responsibility for lost funds based on investments/trades made on information found here or any linking website/affiliate. This includes all social media posts and all other communications occurring under the name Crypto News 19. You should always seek professional advice before making any investment or trade.