Bank of Korea Signs Agreement to Launch Cryptocurrency Custody Services
KB Kookmin, South Korea's largest national bank, is planning to launch cryptocurrency custody services. The bank has 1,132 branches in South Korea and overseas branches in major international financial cities such as New York, London, Tokyo, Hong Kong, Auckland, Guangzhou, and Harbin.
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The National Bank signed a strategic business agreement with the blockchain startup company Atomrigs Consulting on June 10th.
The blockchain company's subsidiary, Atomics Labs, is developing a product named Lime, which utilizes secure MPC technology to protect digital assets such as cryptocurrencies. This collaboration will combine Atomics Lab's technology with the National Bank's internal infrastructure and information protection technology to jointly develop cryptocurrency custody services.
A representative from the National Bank mentioned:
We hope to grow together through innovative services in the field of cryptocurrency management. The National Bank will continue to collaborate with various technology companies in the cryptocurrency ecosystem to expand our product range.
According to a report from CoinDesk, the goal of the National Bank and Atomics Labs is to collaborate in developing cryptocurrency protection technology, smart contract applications, and exploring new businesses in the cryptocurrency field. Collaboration on the blockchain network and the establishment of relevant ecosystems in the financial sector are also continuously evolving.
In fact, the positive shift of major banks towards cryptocurrency custody services could have a significant impact on the cryptocurrency industry. Financial institutions with high credibility will help eliminate concerns about customer fund security and suspicious exchange operators.
The National Bank positions its core technology as "ABCDE" (AI, Blockchain, Cloud, Data, Ecosystem), and has been driving the digital transformation of the entire company since last year.
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