KB Kookmin: a custody service for cryptocurrencies
Crypto

KB Kookmin: a custody service for cryptocurrencies

By Stefano Cavalli - 11 Jun 2019

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As reported by the local Business Korea newspaper today, KB Kookmin, the largest bank in South Korea, will work with Atomrigs Lab to offer its customers a cryptocurrency custody service.

According to reports, the two companies entered into a business agreement on June 10th. South Korea continues to be an excellent reference point for all activities involving crypto.

“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement”.

commented Lee Koo-il, CEO of Kookmin Bank.

Atomrigs Lab is currently testing a product called Lime, a full-fledged custody service that uses MPC technology.

Last year, South Korean regulators made accusations against the Kookmin group because they considered that anti-money laundering measures involving cryptocurrencies were poor.

This week, Metaco, the world’s second largest insurance group, also announced that it would be offering the same service as KB Kookmin through an agreement with Aon.

It is not, therefore, the first time that a giant of this size has sought to secure a share of the market previously completely unknown. The two companies, Atomrigs Lab and KB Kookmin, are looking to work together not only to provide custody services but also to invest in emerging companies in this market.

According to the report, such a move by one of the major banks could have a huge impact on the cryptocurrency industry. A financial institution with such a high degree of reliability can help overcome concerns about the security of funds on the part of customers.

“We will continue to cooperate with various technology companies in the digital ecosystem to expand our offerings”.

A representative of the bank said.

The outcome regarding the joint development plans with Atomrigs is not public, but it certainly includes both the custody service for cryptocurrency and the blockchain technology intended for a broader vision, even beyond the crypto sector.

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