South Korea’s Biggest Bank, KB Kookmin, Works With Atomics Lab on Crypto Asset Management
- Atomic Labs and Kookmin Bank are working together to offer crypto custody solutions
- In order to do so, both companies have signed a Memorandum of Understanding
South Korea’s biggest bank, KB Kookmin, is working with Atomic Labs to offer a digital asset custody offering. The information was released by the local business news site Business Korea on June 11. The bank has signed a Memorandum of Understanding (MoU) with the blockchain technology firm Atomics Lab in order to work on these services.
KB Kookmin Signs MoU Wih Atomic Labs To Work On Crypto Custody
The Memorandum of Understanding was signed on June 10 in Seoul and it establishes that both companies will be focusing on digital asset market grow and other businesses. Business Korea informs that Atomic Labs works in the financial sector developing blockchain solutions for it. Moreover, the firm has been developing a distributed ledger technology (DLT) digital asset protection technology using cryptography.
The firms will be cooperating in crypto asset management services using Atomic Lab’s technology and the bank’s control infrastructure and data protection technologies. Furthermore, they will develop an ecosystem that aims at bridging both the financial and blockchain sectors.
A representative for the bank commented about this initiative:
“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management. We will continue to cooperate with various technology companies in the digital ecosystem to expand our offerings.”
It is worth mentioning that Kookmin Bank designated its core technology as “ABCDE,” which stands for AI, Blockchain, Cloud, Data and ecosystem. As reported by CoinDesk Korea, the bank has also been promoting digital transformation throughout the company.
There are different banks that are entering the cryptocurrency market. The most popular is JP Morgan that could soon unveil its virtual currency called JPM Coin. The intention is to help clients process transactions in a fast and cheap way.