KB Kookmin, South Korean Bank, to Adopt Cryptocurrency

News / 28.03.2020

KB Kookmin, South Korean biggest bank sets to launch crypto custody service for cryptocurrencies including BTC and ETH. Local news reported that KB Kookmin filed a trademark application for KB Digital Asset Custody (KBDAC) with the Korean Intellectual Property Office.

According to the Korean Intellectual Property Office, the bank applied for KBDAC as a trademark that relates to investment, advisory, and trading of cryptocurrencies. The office says that trademark registration takes a minimum of six months and a maximum of 2 years.

The trademark got filed on the 31st January 2020, and it outlined that the bank could launch in the short term. Reports state that the trademark application generally implies that the entity is already branding products and services, and much of the development work is complete.

KB Kookmin on Partnering with Atomrigs on a Crypto Project

An official from the bank says that KBDAC is related to what the bank decided to cooperate with Atomrigs Lab in June last year. Nevertheless, he did not give out the time during which KBDAC will launch. The KB Kookmin bank partnered with Atomrigs Lab on the 11th of June 2019, to create a crypto custody service.

Atomrigs Lab develops a product which secures cryptocurrencies using multi-party computation (MPC) cryptography technology. The technology generates random key shares, instead of a fixed private key, thus hindering hackers from stealing cryptocurrencies with just one piece of the private key. This technology also allows the wallet owner to recover even if the piece of private key gets lost or stolen.

Additionally, the bank claims to be using KBDAC in more than 20 types of industries. However, because there are various KDAC industries, the bank has made a brand considering its separation as a virtual asset management subsidiary in the future.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.