The largest South Korean bank will launch a cryptocurrency service
KB Kookmin, the largest bank in South Korea, has announced plans to launch its own cryptocurrency service.
The bank filed an application for registration of the KB Digital Asset Custody (KBDAC) trademark as early as January 31, and will soon begin working with digital currencies such as bitcoin and ether. According to local media, the organization has already begun branding future products and services, and has also completed the bulk of their development.
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Although the representative of Kookmin Bank did not specify a specific launch date, he said that KBDAC is directly related to the Atomrigs Lab blockchain project, and the main focus of its activities will be the storage of digital assets. In addition, the service will be able to provide other services in this area related to trade, money management and investment consulting.
In addition to KB Kookmin, at least three more South Korean banks are considering entering the cryptocurrency space: Shinhan, Hana and Woori.
This trend is observed in other countries. Last week, the Italian bank Banco Sella launched a service that allows customers to buy and sell bitcoins, as well as make international transfers and pay for goods with their help.