South Korean Bank To Release A Cryptocurrency Management Service ‘KBDAC’

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • KB Kookmin Bank is expected to release a cryptocurrency management service ‘KBDAC’, such as Bitcoin and Ethereum.
  • According to sources, the KB Kookmin Bank filed a trademark application for ‘KBDAC’ with the Korean Intellectual Property Office on January 31, 2020.
  • On June 11, 2019, a business agreement was signed between KB Kookmin Bank and Atomlix Lab for the joint development of blockchain-based digital asset management technology.

KB Kookmin Bank is expected to release a cryptocurrency management service ‘KBDAC’, such as Bitcoin and Ethereum. However, it is a major commercial bank in Korea that is preparing to launch its virtual asset service; it seems that the other traditional financial entities like banks of Korea will enter the virtual asset market in earnest.

The Bank filed a trademark application for KBDAC

According to sources, the KB Kookmin Bank filed a trademark application for ‘KBDAC’ with the Korean Intellectual Property Office on January 31, 2020. As per the Korean Intellectual Property Office, the bank filed KBDAC as a trademark referring to the advisory, investments, and trading of virtual assets.

The trademark registration was followed by application, deliberation, announcement, and registration. This will take 6 months and a period of 1-2 years.  An executive from KB Kookmin Bank stated that the venture KBDAC is related to the decision made to cooperate with Atomlix Lab in June 2019.

On June 11, 2019, a business agreement was signed between KB Kookmin Bank and Atomlix Lab for the joint development of blockchain-based digital asset management technology. The CEO of Atomlix Lab, Woo-Hyun Jung, is a blockchain expert and has a self-developed digital asset trust solution. B Kookmin Bank described using KBDAC in more than 20 types of industries.

KBDAC contains information on trading, management, advisory, information provision, investment, consultation, and management of virtual assets such as Bitcoin and Ethereum. It covers almost all businesses that use virtual assets.

Moreover, there are many types of KBDAC industry, and it is found that KB Kookmin Bank made a brand keeping itself as a separate virtual asset management subsidiary in the future. One significant brand DAC known as Digital Asset Custody is one of the examples of KBDAC brands.

KB Kookmin Bank is the leading commercial bank in Korea

It looks like the bank is working on establishing financial services and products that entrust virtual assets such as Bitcoin and Ethereum as investment funds to regulate general profits. The KB Kookmin Bank is giving a signal by applying for a trademark means that much of the development has been done on the KBDAC venture.

As of now, it is difficult to assume the time to launch in the market as there is a variable known as authorities. The bank requires approval from the Financial Services Commission and the Financial Supervisory Service to introduce new financial services products.

The KB Kookmin Bank is one of the leading commercial banks in Korea if it releases KBDAC in the future; it is likely to have a big effect on the financial industry.

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