South Korean banks and crypto security business. How everything is related

It seems that most large scale banks have started to support crypto security tendencies, and KB Kookmin Bank is not an exception.

Being of one of the large scale bank in South Korea, KB Kookmin Bank, has entered into partnership with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to make profound technology researches on the security of digital assets.

Banks have started to settle the cooperation with technological companies in view to comply with the state regulations related to new business models connected with blockchain technology.

According to Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed:

“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.”

KB Kookmin Bank has decided to pay attention to the blockchain related technology after one of its principal adversary, NongHyup, or NH Bank, mentioned about their plan to launch crypto custodial services as well.  Though, their proposed platform will be related only to institutional investor.

According to Kor5ean local media statements The Bank of Korea has decided to establish a “Digital Innovation department” in frames of country organizational reform.

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