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KB Kookmin Bank, one of the largest banks in South Korea, has established cooperation with the blockchain venture fund Hashed and the cryptocurrency trading platform Cumberland Korea, in order to establish "strategic technological cooperation" in the care of digital assets.
The companies involved in the partnership claim that their entry into the cryptocurrency custody business is a response to regulatory changes. These changes have encouraged them to explore new business models, especially those based on blockchain technology.
Simon Kim, CEO of Hashed, a company based in Seoul and San Francisco, stated:
"Combining our insights into the blockchain industry with technical and trading consultations will inevitably open new doors for both consumers and the country that has initiated a new era of digital transformation."
The announcement by KB Kookmin Bank followed a statement by one of its main rivals, NongHyup, or NH Bank. NH Bank announced in early July that it also plans to create cryptocurrency custody services. However, the platform proposed by NH Bank will focus exclusively on institutional investors.
KB Kookmin Bank, one of the largest banks in South Korea, has established cooperation with the blockchain venture fund Hashed and the cryptocurrency trading platform Cumberland Korea, in order to establish "strategic technological cooperation" in the care of digital assets.
The companies involved in the partnership claim that their entry into the cryptocurrency custody business is a response to regulatory changes. These changes have encouraged them to explore new business models, especially those based on blockchain technology.
Simon Kim, CEO of Hashed, a company based in Seoul and San Francisco, stated:
"Combining our insights into the blockchain industry with technical and trading consultations will inevitably open new doors for both consumers and the country that has initiated a new era of digital transformation."
The announcement by KB Kookmin Bank followed a statement by one of its main rivals, NongHyup, or NH Bank. NH Bank announced in early July that it also plans to create cryptocurrency custody services. However, the platform proposed by NH Bank will focus exclusively on institutional investors.
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