Kookmin Bank, South Korea’s largest bank to offer cryptocurrency custody service

Kookmin Bank, the largest bank in South Korea in terms of asset value, has announced the launch of a cryptocurrency custody service. The news comes just after Kookmin bank announced a strategic partnership with blockchain startup Atomrigs Lab.

The news about the cryptocurrency custody was revealed on Twitter by Joseph Young. He tweeted,

The largest bank in South Korea (Kookmin Bank) is planning crypto custody, the bank announced on June 10.

KB was one of the banks were reluctant towards providing crypto exchanges with banking services several years ago. Quite big chance in stance. (1/2) pic.twitter.com/wWNMLmaSI4

— Joseph Young (@iamjosephyoung) June 11, 2019

Kookmin Bank was previously reluctant to provide banking services to cryptocurrency businesses a few years ago. But due to the recent success of cryptocurrency and blockchain business, Kookmin bank has decided to embrace the new revolution.

It is speculated that Atomrig Labs is developing a blockchain-based digital asset protection technologies using next-generation cryptography for Kookmin bank, according to Business Korea.

South Korea is a pro cryptocurrency country. The country has cryptocurrency regulations in place, and the country’s banks provide banking to cryptocurrency service as well. People in South Korea can freely trade cryptocurrency through an exchange as long as they use their real name and provide the necessary KYC details.

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