South Korea’s KB Kookmin Bank To Roll Out Crypto Custodial Service
South Korea’s KB Kookmin Bank intends to roll out a cryptocurrency custody facility in the weeks ahead.
As per news reports by Digital Today, the bank has submitted a trademark application for KBDAC, pointing to a suggested Digital Asset custody subsidiary, in the final week of January 2020.
In the formal application submitted to the Korean Intellectual Property Office, the bank has mentioned its wish to trademark KBDAC in more than 20 provinces, all related to the crypto sector.
These include buying and selling of cryptos, administration of digital assets such as Bitcoin (BTC) and Ether (ETH), and offering consultancy. It also mentions digital asset custody, trades and settlement with fiat currency.
The array of sectors covered has given rise to speculation KB Kookmin Bank is planning to establish a subsidiary to offer financial products and services related to cryptocurrencies.
The Digital Assets Custody link leads to the list of intended services. Based on earlier trademark applications by the bank, it is anticipated that the new entity could be rolled out in the first half of 2020.
Last June KB Kookmin Bank collaborated with Atomrigs Labs to study digital asset administration and safety solutions. KB Kookmin Bank has been actively involved in blockchain related endeavors.
In October 2019, the bank listed the benefits blockchain technology could offer to financial services sector and its plan to incorporate the technical advancement in its in-house systems.