The bank in South Korea will launch a crypto custody service

One of the largest banks in South Korea, KB Kookmin Bank, has partnered with Hashed venture capital fund and Cumberland Korea cryptocurrency platform. It is reported that the bank needs new cooperatives to provide storage services for digital decentralized assets.

Search for new business models

New partners of the bank explain their desire to organize custody services by changes in legislation, which prompted them to search for new working business models in the blockchain sphere.

"Combining our understanding of the blockchain industry and providing technical and commercial advice will inevitably open new doors for consumers as well as for the country, ushering in a new era of digital transformation."— said Simon Kim, CEO of Hashed.

Keep up with the competition

KB Kookmin Bank's announcement came in response to a message from NongHyup or NH Bank, the bank's main competitors, which talked about plans to launch crypto-custody services. True, the solution being developed from NH Bank will be aimed at institutional investors.