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Finance

KB Asset Management Launches Blockchain Mutual Fund: Report

The fund will invest predominantly in U.S. companies, with lesser amounts in Japanese, European and Chinese firms.

By Sheldon Reback
AccessTimeIconSep 6, 2021 at 9:02 a.m. UTC
Updated May 11, 2023 at 7:04 p.m. UTC
Seoul Tower, Korea (Shutterstock)

KB Asset Management, the investment arm of KB Financial Group, South Korea’s largest financial company, has introduced the country’s first blockchain-focused mutual fund, the Korea Times reported Monday.

  • The KB Global Digital Chain Economy fund will invest in three main areas, according to the report.
  • One area of investment is companies that make the hardware required to support blockchain activities, such as Nvidia, AMD and Intel.
  • A second arm is software companies providing blockchain-based services. Those include IBM, Amazon and Baidu.
  • The third investment segment covers companies that use blockchain technology within their own businesses. PayPal, Square, NTT Data and Tencent were identified.
  • The fund will invest predominantly in U.S. companies, with smaller allocations placed in Japanese, European and Chinese firms.
  • KB Asset Management had more than $90 billion under management as of February, according to Korea Financial Investment Association data cited on the KB Asset Management’s website.
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    Sheldon Reback
    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

    Follow @sheldonreback on Twitter