Korea’s KB Bank promotes Digital Assets Industry with enterprises

KB Kookmin Bank today declared that it has allied with various enterprises to support digital assets industry.

By · Aug 7, 2020 . 7min read

Korea KB Bank promotes Digital Assets

KB Kookmin Bank today declared that it has collaborated with various enterprises. It will support technical assistance in digital assets industry in partnership with Hatch Labs, Hashed, and Cumberland Korea. KB Kookmin Bank is amongst the four largest banks ranked by asset value in South Korea at the end of March 2014. Additionally, it is one of the largest banks in Korea and the 60th largest in the globe by 2017.

The declaration comes after the recent endorsement by the US Office of the Comptroller of the Currency for US banks to offer custody services for digital assets. Following the agreement, these organizations admitted to contributing to collecting and managing digital assets. It will collectively reply to changes in relevant regulations. They intend to explore new businesses utilizing blockchain technology and create an ecosystem linked to blockchain and finance.

Exploring Digital Assets

Kookmin Bank intends to guard related technologies and ecosystems. The digital asset industry not only involves cryptocurrencies. Other traditional assets such as real estate, artwork, and other reified rights will be assigned and traded on blockchain platforms, also comprise digital assets. With other major countries like China and Japan joining the global arms race for central bank digital currency, there is an expanding demand amongst financial institutions to obtain exposure in blockchain-based financial assets and services.

Lee Woo-yeol, CEO of Kookmin Bank IT Group, said,

“We will expand the creation of a digital ecosystem through cooperation with various technology companies.”

KB Bank and Blockchain Technology

KB Kookmin Bank collaborated with a Blockchain startup called Atomrigs Labs back in 2019. The association intended to launch a digital asset custody offering. Their primary concern is with respect to information protection technologies as well as digital asset protection technologies.

KB Kookmin is one of the leading Korean Banks regarding using Blockchain technologies to enhance its internal banking process. Thus, there are many reasons to consolidate Blockchain technology for banking. Some of the advantages involve custodial services, issuing digital coins, alternative funding options, and trading. However, the exciting part of Blockchain technology is its decentralized ledger.

Digital Assets Industry: A Long Road Ahead

To promote the digital assets industry KB Kookmin Bank, Haechi Labs, and Cumberland Korea need to formulate a good plan. Additionally, their collaboration about fundamental technologies like blockchain will require managing and collecting digital assets. Moreover, it will also require upholding for optimal regulatory developments and modifying the traditional financial sector. Therefore, the alliance signals the start of a long and steady journey in developing the required technology stack.

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