You will be glad to know that the largest bank of South Korea, KB Kookmin decided to partnership with crypto exchanges platform, blockchain ventures fund, Cumberland Korea and, Hashed in order to enhance and explore “strategic technology cooperation.”
The companies linking together stated that their insight to commence into the crypto exchange business is a result of the changes made in the framework and system of working. The changes occurred helped them to look into the new dimensions of the business pattern, mainly the one which deals with the blockchain system.
The CEO of Hashed, Simon Kim mentioned: “Combining our insight and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.”
It can be assumed that the major announcement made by KB Kookmin Bank came when one of its popular competitor NongHyup, or NH Bank revealed in early July to construct crypto custodial facilities on its platform. However, NH Bank also added that they are just planning to provide services to the institutional investors.
The report clarified about the development of the “Digital Innovation department” in the Bank of Korea that will commence from the mid-month of this year.
This report is not surprising as the Korean youths have shown their interest in the crypto market, especially during the Bitcoin bull-run season in the year 2017, where they were excited to invest millions.
Let’s hope both recognized banks of Korea successfully establish links with the crypto world.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.