South Korean Bank Will Co-Create a Company to Manage Digital Assets

South Korean Bank Will Co-Create a Company to Manage Digital Assets
December 02
08:55 2020

Kookmin (KB), one of the largest South Korean banks, is collaborating with leading blockchain companies in the country to create a company for managing digital assets, reports. This company aims to protect digital assets, such as Bitcoin, that belong to corporate holders.

According to the source, some functions of this platform can become available as early as next month. This is a significant step for the banking industry in South Korea. However, the country has been widely implementing various initiatives powered by blockchain technology before. South Korea is already accepting cryptocurrency for payments in the tourism industry and has implemented blockchain-powered driving licenses.

KB has reportedly invested in a new company KODA (Korea Digital Asset), together with blockchain company Hashed, and another blockchain company Haechi Labs, says citing CNews. At the beginning stage, the company will only work with corporate digital asset holders, such as cryptocurrency exchanges. However, it is possible that the initiative will gain more functionality later on.

CNews explains the need for a digital asset management company. Digitization of assets has increased in recent years. As a result, there is a need for ensuring the safety of storage and investments with cryptocurrency. The source suggests that KODA will transform into a bank for managing digital assets in the future. 

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