KB Kookmin Bank (KB), the largest commercial bank in South Korea, has agreed on a deal with blockchain venture fund Hashed and crypto exchange Cumberland Korea to offer bitcoin custody services.

In January, the government-owned bank filed its trademark application for digital assets custody with the Korean Intellectual Property Office. The trademark is called Kbdac. It covers more than 20 crypto-related areas.

According to a statement on August 7, KB said it predicts that the crypto industry will evolve beyond virtual currencies to include other traditional assets such as real estate and artwork that will be issued and traded on blockchain platforms.

The lender, which reported a net profit of 2.44 trillion won ($2.05 billion) in 2019, is now positioning itself after competitor NH Bank announced in July that it is also planning to start offering crypto custody services to corporate investors.

Both Hashed and Cumberland Korea indicated that the deal with KB has been inspired by changes in regulation, which appear to support…

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Source: https://news.bitcoin.com/south-koreas-largest-bank-unveils-bitcoin-custody-services/