South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

2020-3-27 18:10

KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible.

As per the local news outlet Digital Today reported on March 27, KB Kookmin Bank filed a KBDAC trademark application in which it referred to the Digital Asset Custody subsidiary it proposed in January, this year.

BTC and ETH Mentioned

The bank’s application to the Korean Intellectual Property Office expresses its intention of trademarking KBDAC in more than 20 areas that are all related to the crypto industry. These areas include consultation, management and trading of digital assets such as Bitcoin (BTC) and Ether (ETH). It also mentioned virtual asset settlement, consignment and fiat currency transactions.

Since many crypto areas have been mentioned, speculations that the bank is planning to launch a subsidiary offering financial products and services for receiving and managing investment funds’ virtual assets started to appear. A thread link to all these services is provided by the Digital Assets Custody moniker. According to the bank’s previous trademark applications, the new subsidiary may be launched in H1 of 2020.

There’s Also the Partnership with Atomrigs

KB Kookmin Bank partnered up last June with Atomrigs Labs, in order to explore digital asset protection and management solutions. The bank has always been proactive when it comes to blockchain technology. It made last October a statement in which it talked about the benefits this tech could bring to the industry of financial services.

Furthermore, it said that it plans to integrate blockchain into all its internal processes. In the meantime, 40 banks from Germany are seeking the approval of the Federal Financial Supervisory Authority (BaFin) to offer BTC custody, after the country introduced a new regulatory law for crypto.

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