South Korea’s largest bank KB Kookmin has officially partnered with a crypto startup in order to develop custody solutions. More about the partnership we find out in the latest cryptocurrency news.
As reported in the local media outlet Business Korea, Kookmin will work with the crypto startup and local company Atomris Lab which is working in digital assets protection.
The new partnership marks a great change of tactic for South Korea’s largest bank which until recently appeared to have an unfriendly stance on cryptocurrency in general. South Korea aims to be a crypto hub for startups and small business since the crypto activity in areas such as trading is thriving in the country. The consumer enthusiasm, however, seems to have dampened this year. According to Lee Koo-il CEO of the Kookmin Bank:
“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement.’’
The outcome of the new partnership between the bank and the startup remains less certain but does however incorporate a huge range of technologies that are associated with blockchain technology and cryptocurrencies. According to Business Korea, the two companies will ‘’jointly study digital asset protection technology and smart contract application methods and opted to actively explore new business opportunities in the field of digital assets.’’
The two companies have agreed to develop a digital asset management service that will combine the startup’s technology with the Bank’s internal control infrastructure. In addition, they will cooperate with each other in order to create a connection between the blockchain network and finance.
As reported in the coming altcoin news, South Korea’s largest bank had come under fire from the regulators of the country over its poor anti-money laundering procedures regarding the crypto transactions. Around the world, the banks which offer crypto custody solutions will become an ever-increasing trend. This week, the second-largest insurer in the world Metaco announced it has started offering crypto custody insurance via a deal with AON. The CEO of Metaco Adrien Treccani stated:
“Insurance is an essential requirement for banking clients and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions.’’
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[This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.
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“Now is the time for any organization that wants to help shape the role of blockchain and the DLT technology at play in their business and their industry to get involved. Bitcoin made blockchain mainstream and brought the hype to the field. Now the hype is passing, and we are observing how enterprises are looking at real life solutions using blockchain.”However, it is important to note that the adoption is harder than expected. The drop in this rate could simply be the effect of a delayed corporate response to the hype seen before.
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