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One of South Korea's largest banks to provide custody services for cryptocurrencies


According to informed by the South Korean media, the Bank South Korean KB Kookmin It will soon launch a digital asset management service called KBDAC, which will support cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

The KBDAC tool is an acronym for KB Digital Asset Custody, as documented by the trademark registration application dated January 31, 2020, is therefore a fairly recent document.

The trademark application to be approved will take anywhere from 6 months to 2 years, making it difficult to predict whether the tool will be fully operational as a service for your customers.

In fact, the trademark registration application is not necessarily related to the service. If not approved, the platform could simply decide to change its name with a rebranding.

It should be noted that in June last year, the bank collaborated with Atomix Lab for the development of a blockchain-based technology that would allow it to manage various types of digital assets, therefore, not just cryptocurrencies.

The technology available through the service will also allow divide wallet private keys into many parts to minimize the risk of the bank being attacked and losing customer funds.

In South Korea, all documentation for this project, as well as approval of new financial tools, is subject to the Financial Services Commission and the Financial Oversight Service, and if approved, would result in a bank managing cryptocurrencies for the first time in the Asian country.

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