One among the leading banks within South Korea, KB Kookmin Bank, has collaborated with blockchain venture fund, Hashed, and cryptocurrency trading platform, Cumberland Korea, to determine “strategic technology cooperation” on the custody of digital assets.
The companies belonging to the partnership state that their inception into the cryptocurrency custody business is a response to regulatory amendments. These changes encouraged them to look into new business models — specifically ones who believe in the blockchain technology.
The CEO of the Seoul and San Francisco-based firm, Simon Kim, Hashed, added:
“Combining our insight within the blockchain industry and offering both technical and commercial consultations will inevitably open new doors to consumers along with the country in ushering the new era of digital transformation.”
The announcement from KB Kookmin Bank comes after one among its major rivals, NongHyup, or NH Bank, said early in July that they decide to create cryptocurrency custodial services. NH Bank’s proposed platform will only specialise in institutional investors, however.
The Bank of Korea reportedly chose to determine a “Digital Innovation department” via organizational reform within the last half of this year also, consistent with a native news channel earlier on 22nd July.