South Korea’s largest bank, KB Kookmin Bank, is expected to launch a cryptocurrency custody service shortly. The entity has filed a trademark application for KBDAC – KB Digital Asset Custody back in January for various services, including investment, and digital asset trading.
KB Kookmin Bank is the largest among banks in Korea and 60th largest in the world by 2017. Current KB Kookmin Bank was formed in Dec, 2000 between old Kookmin Bank and Housing & Commercial Bank. They were both founded by the Korean government in 1960s for special purposes. Kookmin Bank, which specially provided financial service for middle and low income consumers, was privatised in 1995. During the Asian financial crises both banks acquired other financially troubled banks. The merger of two banks was partly due to the government policy to make banks bigger and more stable. After the merger, KB acquired various companies include credit card, insurance and Brokerage firm to transform in to the financial group in 2008. In Sep, 2004, Kookmin Bank said it would restate its 2003 and 2004 earnings after a financial watchdog found the bank avoided $270 million in taxes.
From the popular news source Digital Today in Korea South Korean bank has applied for the patent at the end of January this year with the Korean Intellectual Property Office. According to the latter, KBDAC is a trademark related to investment, advisory, consultation, information provision, and trading of virtual assets such as Bitcoin and Ethereum. Also included are the contents of the virtual asset consignment, settlement, liquidation, over-the-counter transaction, consignment, entrustment, trust, and transaction between the virtual asset and currency. It contains almost all businesses that use virtual assets.
We originally covered this news back in June of 2019.
Koikmin bank is teaming up with Atomrigs Lab as of June 10th to develop a product called Lime that secures digital assets. Kookmin Bank and Atomrigs Lab will develop a digital asset custody service that will combine Atomrigs Lab technology and KB Kookmin Bank’s internal control system. History has been made as to our knowledge KB Kookin is the first bank that will hold digital assets.