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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“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
First Legally Registered DAO Created By Blockchain Devs dOrg
“dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”The dOrg group also noted that the BBLLC registration process should become much easier:
“We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
“As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
Bitcoin Futures Trading Testing By Bakkt Officially Starts In July
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.’’The announcement was expected for a long time now. Bakkt which has named itself as the game-changing crypto ecosystem for all of the institutional investors faced multiple delays in the past. They announced the first testing in August 2018. The biggest issue for Bakkt’s team was the regulatory uncertainty and it still remains the most important problem to solve. Bitcoin futures trading will represent the first of many offerings but it still unknown when a total rollout of the service will be delivered. Setting the date on the pilot phase is coming in a good period but the coming week the rival provider CME Group announced a new record volume for its product. As previously reported in the coming altcoin news, the CME futures passed more than $500 million in implied USD value. Also, a few days ago the new crypto index Cryptoindex was launched which allows traders using TradingView, Bloomberg and Reuters to access information on Bitcoin and other major digital currencies and tokens. At the same time, CBOE which is the first bitcoin futures provider in the world will stop all operations later this month. The executives blamed the poor market performance and announced their decision just weeks before the BTC markets went into bull run mode reaching $9,000. White noted:
“Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology.’’Bakkt’s effort to help institutional investors and institutions, in general, to launch safely on the market is a very important element for the future. There are currently many new regulations and recommendations coming from the Financial Action Task Force (FATF) which will put stringent new requirements on all the crypto-related businesses.
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