South Korean Biggest Bank is Set to Enter the Cryptocurrency Market
South Korea’s biggest bank, KB Kookmin, is set to launch crypto custody service for cryptocurrencies like BTC and ETH.
According to a local news report on Friday, KB Kookmin has filed a trademark application for KB Digital Asset Custody (KBDAC) with the Korean Intellectual Property Office.
The Korean Intellectual Property Office claims the bank applied for the use of KBDAC as a trademark which relates to investment, advisory and trading of cryptocurrencies. According to the office, trademark registration takes a minimum period of 6 months and a maximum of 2 years.
The trademark application which was filed on January 31, 2020 stated that the bank could launch the service soon. According to the report, a trademark application generally implies that an entity has started branding products and services. In addition, it also implies that much of the development work has been finished.
According to an official from the bank, KBDAC is related to what the bank decided to cooperate with Atomrigs Lab in June last year. However, he didn’t give out the time during which KBDAC will be launched. The KB Kookmin bank partnered with Atomrigs Lab on June 11, 2019 to create a crypto custody service.
Atomrigs Lab creates a product which secures cryptocurrencies using multi-party computation (MPC) cryptography technology. Instead of a fixed private key, this technology generates random key shares. This solution prevents hackers from stealing cryptocurrencies with just one piece of private key. It also enables the owner of the wallet to recover even if the piece of private key is lost or stolen.
The bank claims to be using KBDAC in more than 20 types of industries. Since there are many types of KBDAC industries, the bank has made a brand in consideration of separation as a virtual asset management subsidiary in the future.
Featured image courtesy of Shutterstock. Source: Cryptopress.