Altcoin News: One of the Largest Banks in South Korea Will Launch a Crypto-Custodial Service

June 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

KB Kookmin Bank — one of the four largest banks in South Korea — is preparing to launch its own cryptocurrency storage service. It is reported by CoinDesk Korea.

The solution will be implemented in collaboration with a service provider for securing digital assets using Atomics Labs next-generation cryptography. The two companies will study the technology of protecting digital assets and methods of applying smart contracts. They also agreed to actively seek opportunities for business development in this industry.

The new digital asset management service is expected to be a combination of Atomics Labs technology and Kookmin Bank’s own infrastructure. In addition, their plans include the creation of a system that will allow connecting the spheres of the blockchain and traditional finance.

“We hope that our companies will grow together, opening up innovative services in the field of digital asset management under this agreement,” a bank spokesman said. “We will expand the digital ecosystem through collaboration.” “Given that Kookmin is the largest bank in South Korea, I expect customers to get access to this service many months later. Nevertheless, I think that the creation of an infrastructure for the storage of cryptocurrencies by the largest bank in the country is a very positive factor,” publicist Joseph Young commented on the news.

Author: Marko Vidrih