Bank of South Korea Launches Service for Safe Storage of Digital Assets

South Korea’s largest commercial bank, Kookmin Bank (KB), is planning to launch digital asset storage services in the near future, according to the Korean publication Digital Today. According to information received from representatives of the bank, KB applied for registration of KBDAC with the Korean Intellectual Property Office (the country’s patent office).

The KB Digital Asset Storage Division (KBDAC) will provide a range of services, including investments, consultations, exchanges, custody, settlements, OTC operations and other services. Last June, KB announced that it would partner with Atomics Lab to develop digital asset storage services which integrate Atomics Lab technology into KB’s internal control infrastructure and information security technologies.

Atomics Lab, led by CEO Wu-Hyun Young, is Korea’s leading blockchain technology company and has its own digital asset research solution (asset management). Atomics Lab’s innovative technology is characterized by the use of the “multi-way secure computing” method for separating and storing fragments of private keys. Hackers will not be able to steal digital assets with only one private key, and the owner can recover it even if the private key is lost. This is guaranteed by Atomics using secure virtual asset management technology.

Kookmin Bank plans to create a subsidiary, the main activity of which will be the storage of digital assets. Currently, active preparations are underway for launching financial services and products that use virtual assets, such as Bitcoin and Ethereum, as investment contributions for management or for making direct profit from the growth of the rate. This is the first traditional bank in the Korean banking system to enter the cryptocurrency market.

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To implement the new service, Kookmin Bank must also obtain permission from the regulators: the Financial Services Commission (FSA) and the Financial Supervision Service. Experts note that the successful launch of a cryptocurrency depository by the bank may facilitate the entry of the closest competitors to the banks Shinhan Bank, NH Nonghyup Bank, Woori Bank and Hana Bank.

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