BusinessKorea, a local news outlet in South Korea, has reported that the biggest bank in the country, KB Kookmin, has recently partnered with a cryptocurrency startup to develop custody solutions.
According to the news, the bank is teaming up with blockchain startup Atomrigs Consulting. Atomrigs is also based in South Korea and has been working on blockchain technology specifically designed for the financial services industry.
The two companies signed a business agreement on June 10th. Lee Koo-il, CEO of KB Kookmin, said about the news:
“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement”.
According to BusinessKorea, the companies are going to jointly study digital asset protection technology and smart contract application methods. Furthermore, both firms will actively explore new business opportunities in the field of digital assets.
“The company will also develop digital asset management services that combine Atomrigs Lab’s technology with Kookmin Bank’s internal control infrastructure and information protection technologies,” the publication by BusinessKorea continued.
The news strongly indicates that the South Korean bank, KB Kookmin, is planning on entering the custodial space within the cryptocurrency market. That said, a confirmation of this has not been given by KB Kookmin.