South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible.

As per the local news outlet Digital Today reported on March 27, KB Kookmin Bank filed a KBDAC trademark application in which it referred to the Digital Asset Custody subsidiary it proposed in January, this year.

BTC and ETH Mentioned

The bank’s application to the Korean Intellectual Property Office expresses its intention of trademarking KBDAC in more than 20 areas that are all related to the crypto industry. These areas include consultation, management and trading of digital assets such as Bitcoin (BTC) and Ether (ETH). It also mentioned virtual asset settlement, consignment and fiat currency transactions.

Since many crypto areas have been mentioned, speculations that the bank is planning to launch a subsidiary offering financial products and services for receiving and managing investment funds’ virtual assets started to appear. A thread link to all these services is provided by the Digital Assets Custody moniker. According to the bank’s previous trademark applications, the new subsidiary may be launched in H1 of 2020.

There’s Also the Partnership with Atomrigs

KB Kookmin Bank partnered up last June with Atomrigs Labs, in order to explore digital asset protection and management solutions. The bank has always been proactive when it comes to blockchain technology. It made last October a statement in which it talked about the benefits this tech could bring to the industry of financial services.

Furthermore, it said that it plans to integrate blockchain into all its internal processes. In the meantime, 40 banks from Germany are seeking the approval of the Federal Financial Supervisory Authority (BaFin) to offer BTC custody, after the country introduced a new regulatory law for crypto.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Canada Regulates Crypto Exchanges & Companies as Money Service Providers

Canada is now legally recognizing cryptocurrency exchanges and payment processors as Money Service Businesses (MSB). The new regulation, which is the amendments to Proceeds of...

Ripple Execs, Led By CEO Brad Garlinghouse, Meet With Central Bank Of Brazil Officials in ‘Closed to the Press' Meeting

Ripple Inc.’s, Brad Garlinghouse held a ‘closed to the press’ meeting with Brazil’s Central Bank officials on May 30th to discuss “institutional matters” in...

Tezos (XTZ) Class-Action Securities Lawsuit for the $232M ICO Sees $25M Settlement Pending

A class-action lawsuit against Tezos during its 2017 ICO may end in a $25 million settlement. The lawsuit was filed against Tezos for the...

Two Top Cryptocurrencies with the Worst Serial Market Performance

After the crypto winter of 2018, digital assets started recovering last year and continued the behavior into 2020. Although still far from their all-time highs,...

Chainlink, IBM, ING, Microsoft, NASDAQ, and R3 Among First to Join InterWork Alliance to Set Tokenization Standards

Top financial and blockchain industry companies have formed the InterWork Alliance (IWA) in a bid to standardize the business and enterprise tokenization market. The alliance...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today