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South korea’s Largest Bank Launch a Crypto Custodial Service

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future.

According to a report from local news outlet Digital Today on March 27, the bank filed a trademark application for KBDAC, referring to a proposed Digital Asset Custody subsidiary, at the end of January 2020.

In the application to the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in over 20 areas, all relating to the cryptocurrency industry.

These include trading, consultation, and management of digital assets like Bitcoin (BTC) and Ether (ETH). It also specifies virtual asset consignment, settlement, and transactions with fiat currency.

The range of industry areas covered has led to speculation that KB Kookmin Bank is launching a subsidiary brand to offer financial services and products that receive and manage virtual assets in investment funds.

The Digital Assets Custody moniker provides a thread linking all of these services. Based on previous trademark applications by the bank, it is expected that the new subsidiary could launch as soon as H1 2020.

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