South Korea’s largest bank is entering the cryptocurrency space.
According to a report published on Tuesday afternoon by BusinessKorea, KB Kookmin Bank has signed an agreement with cryptocurrency firm Atomrigs Lab.
Also based in South Korea, Atomrigs works on blockchain technology designed for the financial services industry. More specifically, the financial technology firm is working on cryptocurrency security solutions.
That would suggest that KB Kookmin is planning on entering the custodial space in the cryptocurrency market.
The agreement that the bank and blockchain firm have signed means they will be working on a number of different projects.
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BusinessKorea’s report suggests that they will be researching technology aimed at protecting digital assets. They will also be developing and looking at the utility of smart contracts.
Building on existing infrastructure
On top of those two research areas, Atomrigs and KB Kookmin will be working on developing asset management solutions for cryptocurrency.
Those solutions will use technology that has already been developed by Atomrigs and various components of KB Kookmin’s existing banking infrastructure. Another part of the agreement signed by the two companies will see them attempting to work on a system that links blockchain networks to existing financial infrastructure.
“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement,” said Lee Koo-il, CEO of KB Kookmin Bank, who attended the agreement.
“We will expand the digital ecosystem through [our] cooperation.”