KB Kookmin Bank will launch a cryptocurrency custodian division

One of the largest South Korean banks KB Kookmin Bank announced a partnership with Hashed venture fund and Cumberland Korea platform, within which a cryptocurrency storage service will be launched.

In a statement, the companies write that the move was a response to changes in the regulatory landscape and the growing popularity of digital assets in South Korea. This is pushing companies to launch new business models, including divisions related to blockchain and cryptocurrencies.

“Our understanding of the blockchain industry and expertise in technical and commercial consulting will inevitably open new doors for consumers and the entire country, ushering in a new era of digital transformation,” said Hashed CEO Simon Kim.

In June, it was reported that South Korean bank NH NongHyup Bank partnered with a local law firm and blockchain lab to launch a consortium to develop digital asset-based financial services.

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