A Large South Korean Bank Plans to Introduce Blockchain Technology

A representative of one of the largest banks in South Korea Kookmin Bank announced that blockchain technology can provide a number of advantages for the financial industry, including the issue of digital tokens, custodial services and much more – became known yesterday, October 7.

KB Kookmin Bank plans to introduce blockchain technology to fight money laundering, improve user identification services, transactions, etc in the near future. Lee Woo-yeol, chief information officer at KB Kookmin said the bank should take a proactive approach to distributed registry technology.

“We see blockchain as a big wave that will disrupt finance in the future. We need to be ready for the moment when different types of assets turn into tokens, although we don’t know when that will be.”

KB Kookmin signed a memorandum of understanding with technology company Atomrigs Lab for joint development of digital asset management services in June this year.

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