Korea's largest bank is about to launch a cryptocurrency depository service




Korea's largest bank is about to launch a cryptocurrency depository service


KB Kookmin - Korea's largest bank, is preparing to launch a cryptocurrency depository service for assets like Bitcoin (BTC) and Ether (ETH).


The bank has filed a trademark application for "KBDAC" - KB Digital Asset Custody, with the Korean Intellectual Property Office, according to local newspaper Digital Today. reporting on Friday.


Application form - submitted on 31 January, indicating that the bank may soon launch the service. In general, a trademark application means that an entity has begun to brand its products and services, and that most of the development work has been completed, according to the report.


An official from KB Kookmin told Digital Today that the launch of KBDAC is related to what the bank decided to do with blockchain startup Atomrigs Lab in June 2019, but he declined to comment on the date. specific release.


In June 2019, KB partnered with Atomrigs Lab to develop a cryptocurrency custody service. Atomrigs Lab builds a cryptocurrency security product using multi-layer comprehensive encryption (MPC) technology.


This technology generates random share keys instead of a fixed private key. These share keys are stored and calculated separately to create an authorized output for a common transaction.


In addition to providing cryptocurrency depository services, KB can also provide other services related to digital assets such as trading, investment advisory and asset management.


The entry of this giant bank into the cryptocurrency space will likely be a catalyst to transform Korea's entire financial sector. It could also cause leading rival banks such as Shinhan, Hana and Woori to consider joining the industry, according to the report.


Earlier this month, South Korean lawmakers voted to establish stricter anti-money laundering (AML) rules for cryptocurrency companies, through amendments to the current Financial Information Act of Korea. This act requires all cryptocurrency companies to register with local regulators.


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According to The Block
Translated by ToiYeuBitcoin




About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. https://www.nguyendiep.com/. Mr Cuong.
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