The largest South Korean bank is releasing the crypto custodial service for digital assets such as bitcoin and Ethereum.
According to a local report KB Kookmin which is known as the largest bank in South Korea is preparing to launch the cryptocurrency management service. The bank has also filed an application for ‘KBDAC’. According to the report, this trademark application was filed on 31st January 2020 with the Korean Intellectual Property Office.
The use of KBDAC as a trademark
The Korean Intellectual Property Office claims that this application is regarding the use of KBDAC as a trademark which is related to investment, advisory, consultation, information provision, and trading of crypto assets.
The process of the trademark registration takes a period of 6 months however it can also take a longer period of 1-2 years. The registration can be done in this order: application, deliberation, announcement, and registration.
However, before conducting the launch of a financial service product, the bank will have to get approval from the Financial Services Commission and the Financial Supervisory Service of the country.
KB Kookmin has a business agreement with Atomic Labs
The largest South Korean bank made a business agreement with Atomic Labs in the month of June 2019. According to this partnership agreement, both companies will work jointly to develop blockchain-based digital asset management technology. Speaking on this partnership agreement, the CEO of KB Kookmin Bank IT Group Lee Woo-yeol said:
We hope that the two companies will grow together through discovering innovative services in the digital asset management field through this agreement. We will expand the creation of the digital ecosystem through cooperation.
The launch of the crypto custodial service by the bank will have a great influence on the entire financial industry of the country.