Another Win For Crypto in South Korea

By Andy Little on The Capital

The largest bank in South Korea, “KB Kookmin Bank” will soon release cryptocurrency custody services.

KB Kookmin Bank has officially filed for a trademark application for KBDAC-KB Digital Asset Custody back in January 2020, adding fuel to the imminent release of custody services.

Local news sites have reported that the KBDAC is a trademark related to investment, advisory, consultation, information provision, and trading of virtual assets such as Bitcoin and Ethereum. As part of the Digital Asset Custody (DAC), it will also manage funds and stocks, convert foreign currencies into Korean won, and provide trading for institutional investors.

KB has held the record of most youth sign ups in South Korea since 2014, showing that banking is changing its ways to appeal to the youth market. But banking is the only change in South Korea the country has always been at the forefront of innovation in the crypto space, regulating the technology and even signing deals to utilize the technology.

But as we know things take time in this crazy world, the trademark registration process in South Korea can take anywhere from 6 to 24 months.

Till the next time,

Andy