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Cryptocurrencies

KB Kookmin to launch digital asset custody offering

Wednesday 12 June 2019 | 12:11 PM CET

KB Kookmin, a large bank in South Korea, has announced plans to launch a digital asset custody offering.

The bank’s move into the digital asset trust business could have a big impact on the cryptocurrency industry, according to the report. A financial institution that already has a high degree of credibility could potentially help eliminate concerns over security of customers’ funds and suspect exchange operators.

The financial institution is teaming up for the effort with blockchain startup Atomrigs Lab, according to a report from CoinDesk Korea. The startup is developing a product called Lime that secures digital assets such as cryptocurrencies using secure MPC technology.

Both parties will develop digital asset custody services that combine Atomrigs Lab technology and KB Kookmin Bank’s internal control infrastructure and information protection technologies. The companies aim to collaborate on the development of digital asset protection technology and smart contract applications, as well as exploring new businesses in the digital assets space.

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