Korea's Biggest Bank Is Preparing to Custody Digital Assets

KB Kookmin, the largest bank in South Korea, is preparing launch a digital asset custody offering.

According to a report from CoinDesk Korea, the institution is teaming up for the effort with blockchain startup Atomrigs Consulting, with the two entities signing a strategic business agreement on June 10.

Atomics Labs is developing a product called Lime that secures digital assets such as cryptocurrencies using secure MPC technology.

Kookmin and Atomics Lab will develop digital asset custody services that combine Atomics Lab technology and KB Kookmin Bank's internal control infrastructure and information protection technologies.

The firms aim to collaborate on the development of digital asset protection technology and smart contract applications, as well as exploring new businesses in the digital assets space.

A move by such a major bank into the digital asset trust business could have a big impact on the cryptocurrency industry, according to the report.

"We hope that the two companies will grow together by discovering innovative services in the field of digital asset management," a representative of the bank said.

"We will continue to cooperate with various technology companies in the digital ecosystem to expand our offerings."

Kookmin Bank has designated its core technology as "ABCDE" and, since last year, has been promoting digital transformation throughout the company, CoinDesk Korea writes.

KB Kookmin Bank featured image via Shutterstock; agreement signing image courtesy of the bank.