South Korea’s KB Kookmin Bank to launch cryptocurrency custody service
KB Kookmin Bank (KB), the largest bank in South Korea, is tipped to launch a cryptocurrency custody service called KBDAC, Digital Today reports.
It was back in January this year that the bank filed its trademark application for the proposed digital asset custody service.
In the filing to the Korean Intellectual Property Office, the bank says it wants to trademark KBDAC in more than 20 cryptocurrency-related areas which cover almost all businesses which use virtual assets.
The number of areas has prompted speculation that the bank wishes to set up a whole new subsidiary. If so, this new entity would solely focus on trading, consulting and managing cryptocurrencies such as ether and bitcoin, as well as consigning, settling and transacting in fiat currencies.
The timing of the launch is yet to be revealed, but a spokesperson from the bank told Digital Today: “KBDAC is related to what KB decided to cooperate with Atomrigs Lab in June 2019. We are currently developing KBDAC products.”
Last June, the bank signed a deal with the blockchain lab to co-create blockchain-based digital asset management technology.
The lab, led by CEO Woo-Hyun Jung, uses ‘multi-party secure computing’ to divide and store private key fragments. This prevents hackers from stealing digital assets with just one private key.
The fact the bank is now applying for a trademark suggests most of the product development is now done, which means a launch date for the service may not be far off.