KB Kookmin, South Korea's largest bank, has just announced it plans to launch a crypto custody service, local media Digital Today has reported.

The bank has filed an application with the Korean Intellectual Property Office to register the "KBDAC" trademark - KB Digital Asset Custody.

According to the trademark application filed on January 31, the launch of this new custody service, which would allow the storage of cryptos such as Bitcoin and Ethereum, should take place soon.

A bank official has said this new service would be related to Atomrigs Lab, a startup the bank partnered with in 2019 with the aim of developing a crypto custody service.

The bank not only plans to offer a crypto custody service, but also intends to offer other services related to digital assets, such as trading, investment advice and asset management.

The institution's entry into the crypto industry could encourage other banks in the country to do the same.