Korea’s Bank To Create A Blockchain Based Financial Ecosystem With Three Other Firms

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Kookmin Bank has recently announced their ventures in the world of blockchain and cryptocurrency.
  • On August 7th, Kookmin Bank officially signed business agreements with its partner Haechi Labs, Hashed, and Cumberland Korea to encourage technical cooperation of the digital assets sector.

South Korea’s Kookmin Bank has recently announced their ventures in the world of blockchain and cryptocurrency. Today on August 7th, Kookmin Bank officially signed business agreements with its partner Haechi Labs, Hashed, and Cumberland Korea to encourage technical cooperation of the digital assets sector. These companies will jointly work on storing and managing crypto assets. Its partner Hashed announced the partnership over a tweet.

The Partners Are Jointly Responsible For Proposing Regulations

KB Kookmin Bank is the largest bank in entire South Korea based on asset value. Hashed is a Seoul and San Francisco based blockchain accelerator. Haechi Labs, on the other hand, is a smart contracts company that securely audits global clients. And lastly, Cumberland is a cryptocurrency trading platform within DRW and provides the best trading options for financial institutions and high net worth individuals.

They are allowed to make suitable regulations and discover new ways of enhancing the blockchain-based ecosystem. Kookmin’s bank announcement of the deal follows the announcement of its hostile Nonghyup Bank (NH) involving custodial services for institutional investors.

Other Currencies And Assets Will Be Issued As Digital Assets

In its recent venture on creating a blockchain-based financial ecosystem, the bank focuses on making the platform secured and safer for users. However, this won’t be just for virtual assets, all other assets currency, real estate, artwork, and rights will be issued and treated as digital assets. CEO of Kookmin Bank IT Group, Lee Woo-yeol announced that the Bank will continue to expand the creation of a digital ecosystem through collaboration with other technological companies.

South Korean History Of Digital Assets

In another statement, the CEO of Hashed, Simon Kim said that this partnership opens new doors for the country which is developing and undergoing digital transformations. Moreover, with the agreement, South Korea joins the race for propelling a digital currency. Earlier this year, the US Office of the Comptroller of the Currency had approved the US banks for custodial services on digital assets. Moreover, China and Japan have also been on the verge of launching a central bank digital currency (CBDC).

South Korea has had a controversial history related to digital currencies because in 2017 the government had banned domestic ICOs. However, in March the South Korean government made amendments to recognise digital assets for the first time.

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