Top South Korean Bank Plans to Offer Bitcoin Custody
- This might change the crypto landscape in the country.
KB Kookmin, one of the top South Korean lenders, is planning to offer digital currency custody services for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum.
Originally reported by local news outlet Digital Today on Friday, the bank has already filed a trademark application for its crypto custody platform - KB Digital Asset Custody (KBDAC) - with the Korean Intellectual Property Office.
Given the filing date of January 31, it can be expected that the bank is considering the rollout of its crypto custody services in the coming months. The specific launch date, however, has not been revealed yet.
The report detailed that the application for a trademark means the bank has already completed much of the development process of the custody solution.
The partnership shows the banks dedication for crypto
KB Kookmin also partnered with Atomrigs Labs in July last year for the development of a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based asset management solution, an official of the bank told the daily.
Based in Seoul, the startup develops products to secure digital currencies using multi-party computation (MPC) cryptography technology.
However, any specifics on the custodian platform is still unclear.
The report also outlined that the lender is planning to launch other crypto-based services as well, including trading, investment advisory, and asset management.
Though South Korea was one of the high-demanding markets for digital assets, the demand plummeted significantly in the last couple of years, given the slow down in the crypto market.
The lawmakers of the country amended the prevailing Financial Prevention Act to include anti-money laundering provisions for digital assets. The new law mandated the crypto exchanges to register with the regulators.
Meanwhile, in Germany, over 40 banks approached the Federal Financial Supervisory Authority, better known as BaFin, to secure approval to offer Bitcoin custody following the introduction of a new regulatory law in the country.
KB Kookmin, one of the top South Korean lenders, is planning to offer digital currency custody services for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum.
Originally reported by local news outlet Digital Today on Friday, the bank has already filed a trademark application for its crypto custody platform - KB Digital Asset Custody (KBDAC) - with the Korean Intellectual Property Office.
Given the filing date of January 31, it can be expected that the bank is considering the rollout of its crypto custody services in the coming months. The specific launch date, however, has not been revealed yet.
The report detailed that the application for a trademark means the bank has already completed much of the development process of the custody solution.
The partnership shows the banks dedication for crypto
KB Kookmin also partnered with Atomrigs Labs in July last year for the development of a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based asset management solution, an official of the bank told the daily.
Based in Seoul, the startup develops products to secure digital currencies using multi-party computation (MPC) cryptography technology.
However, any specifics on the custodian platform is still unclear.
The report also outlined that the lender is planning to launch other crypto-based services as well, including trading, investment advisory, and asset management.
Though South Korea was one of the high-demanding markets for digital assets, the demand plummeted significantly in the last couple of years, given the slow down in the crypto market.
The lawmakers of the country amended the prevailing Financial Prevention Act to include anti-money laundering provisions for digital assets. The new law mandated the crypto exchanges to register with the regulators.
Meanwhile, in Germany, over 40 banks approached the Federal Financial Supervisory Authority, better known as BaFin, to secure approval to offer Bitcoin custody following the introduction of a new regulatory law in the country.