Korea's Biggest Bank Is Preparing to Custody Digital Assets

KB Kookmin, the largest bank in South Korea, is partnering with a blockchain startup to launch a digital asset custody offering.

AccessTimeIconJun 11, 2019 at 11:31 a.m. UTC
Updated Sep 13, 2021 at 9:18 a.m. UTC

KB Kookmin, the largest bank in South Korea, is preparing launch a digital asset custody offering.

According to a report from CoinDesk Korea, the institution is teaming up for the effort with blockchain startup Atomrigs Lab, with the two entities signing a strategic business agreement on June 10.

Atomrigs Lab is developing a product called Lime that secures digital assets such as cryptocurrencies using secure MPC technology.


Kookmin and Atomrigs Lab will develop digital asset custody services that combine Atomrigs Lab technology and KB Kookmin Bank's internal control infrastructure and information protection technologies.

The firms aim to collaborate on the development of digital asset protection technology and smart contract applications, as well as exploring new businesses in the digital assets space. Cooperation on a blockchain network and the creation of a related ecosystem within finance are also on the cards.

A move by such a major bank into the digital asset trust business could have a big impact on the cryptocurrency industry, according to the report. A financial institution that already has a high degree of credibility could potentially help eliminate concerns over security of customers' funds and suspect exchange operators.

"We hope that the two companies will grow together by discovering innovative services in the field of digital asset management," a representative of the bank said. "We will continue to cooperate with various technology companies in the digital ecosystem to expand our offerings."

Kookmin Bank has designated its core technology as "ABCDE" (for AI, blockchain, cloud, data and ecosystem) and, since last year, has been promoting digital transformation throughout the company, CoinDesk Korea writes.

KB Kookmin Bank featured image via Shutterstock; agreement signing image courtesy of the bank


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.