Major South Korean bank KB Kookmin Bank is planning to integrate blockchain technology into its internal processes.
As local news outlet Korea JoongAng Daily reported on Oct. 7, the institution said blockchain technology could offer a multitude of benefits to the financial industry, including the issuance of digital tokens, funding, custodial services and trading.
Taking a proactive approach toward blockchain adoption.
The bank intends to deploy distributed ledger technology to fight money laundering, improve verification services, custodial services and token offerings.
"We see blockchain as a big wave that will disrupt finance in the future. We need to be ready for the moment when different types of assets turn into tokens, although we don't know when that will be."KB Kookmin's experience with blockchain and cryptocurrency.
In June, KB Kookmin signed a memorandum of understanding with blockchain tech firm Atomrigs Lab to jointly develop digital asset management services that use Atomrigs Lab's technology and KB Kookmin's internal control infrastructure and data protection technologies.
The bank previously came under regulatory scrutiny from Korea's Financial Supervisory Service when the regulator criticized KB Kookmin and Nonghyup Bank's management.
The FSS stated that there was a problem with the so-called "Suspicious transaction extraction standard of Kookmin Bank's virtual currency handling business."
South Korean KB Kookmin Bank Adopts Blockchain to Improve Internal Processes
gepubliceerd op Oct 7, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.