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KB Kookmin Bank, one of the largest banks in South Korea, will cooperate with cryptocurrency exchange Cumberland Korea and venture capital fund Hashed to open the first crypto custody service in Korea.
KB launches crypto investment fund
KB Financial Group is the largest financial group in Korea by net profit. According to research by MacroTrends KB has total assets of about 520 billion USD (September 2021).
According to KB announcement, they are preparing to become the first bank in Korea to offer crypto investment products.
On February 21, KB established a Digital Asset Management Preparatory Committee to determine product capabilities and strategies related to digital assets and artificial intelligence investment funds. Next time KB will launch cryptocurrency exchange-traded funds (ETFs) and futures products. The Commission will also assess risk and compliance issues for investment funds.
The investment fund will be offered first by a local bank and is expected to include a cryptocurrency index and ETF.
The plan was confirmed by Honggun Kim – Manager of Quantum Index Management of KB in an official statement from the bank:
“We will launch a virtual asset-themed investment fund, etc. We also plan to publish periodicals.”
Currently, KB intends to launch a crypto investment index fund and a fund that uses an Outsourced Chief Investment Officer (OCIO), also known as an outsourced investment manager, to provide security for its investments. main private. In addition, the OCIO fund can also be used to pay pensions.
KB Bank’s move in the cryptocurrency market
KB is working to respond to a market that is becoming increasingly receptive to investments in cryptocurrencies and non-fungible tokens (NFTs). Domestic competitors, including Shinhan Bank, have dedicated an entire section of its mobile banking app to helping customers manage their NFT collection on Klaytn, the country’s leading blockchain. .
By announcing new retail crypto investment products, KB is now following Singapore’s Megabank DBS. DBS Bank CEO Piyush Gupta announced on February 14 that the bank will be working on expanding its crypto operations by 2022.
Besides KB, many big banks in Korea also want to enter the crypto industry.
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