Largest Bank In South Korea To Launch A Cryptocurrency Custodial Service
South Korea’s largest bank, KB Kookmin Bank, is expected to launch a cryptocurrency custody service shortly. The entity has filed a trademark application for KBDAC – KB Digital Asset Custody back in January for various services, including investment, and digital asset trading.
KBDAC Launching Soon?
A local report from today informed that the giant South Korean bank has applied for the patent at the end of January this year with the Korean Intellectual Property Office. According to the latter, KBDAC is a trademark related to investment, advisory, consultation, information provision, and trading of virtual assets such as Bitcoin and Ethereum.
As part of the Digital Asset Custody (DAC), it will also manage funds and stocks, convert foreign currencies into Korean won, and provide trading for institutional investors.
The bank’s development processes might be close to completion, the report also added. Applying for a trademark generally means that the product is at its final stages, and the company is now working on branding.
Depending on the area of operations, the trademark registration process can take between 6 and 24 months.
Banks also must obtain approval from the country’s Financial Services Commission and the Financial Supervisory Service before launching a new financial service product. At the time of this writing, its unknown if KB Kookmin Bank has received such approval yet.
The KBDAC’s potential launch is anticipated to impact the whole financial industry in the country, the report explained. Other rival banks, such as Shinhan Bank, Hana Bank, Woori Bank, and NH Nonghyup Bank, could respond in the same manner, which would boost cryptocurrency adoption massively.
KBDAC – Partnering With Atomic Labs
Back in Jun 2019, the bank announced a partnership with a blockchain-based company called Atomic Labs. KB Kookmin Bank IT Group CEO, Lee Woo-yeol spoke on the matter at the time, implying the future projects to come out of this collaboration:
“We hope that the two companies will grow together through discovering innovative services in the digital asset management field through this agreement. We will expand the creation of the digital ecosystem through cooperation.”
Today’s report, quoting an official from the bank, confirmed that KBDAC will come as a direct result of the joint venture. He noted Atomic Labs’ invaluable assistance during the development stages.
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