South Korea's largest bank to offer bitcoin and ether custody services

Key facts:

It is still unknown when this new bank service will be launched.

According to the report, the bank is planning to launch other crypto-based services.

KB Kookmin, South Korea's largest bank, is planning to offer crypto custody services for Bitcoin and Ethereum.

Initially reported on Friday by local outlet Digital Today, the bank has already filed a trademark application with the South Korean Intellectual Property Office for its cryptocurrency custody platform, which it will name KB Digital Assets Custody (KBDAC), o Cost of KB Digital Assets.

Given that the application date is January 31, the South Korean bank can be expected to be considering launching its crypto custody services in the coming months. However, the specific release date has yet to be revealed.

The report detailed that the trademark application means that the bank has already completed much of the custody solution development process.

Interest in cryptocurrencies

In July last year KB Kookmin bank also partnered with Atomrigs Labs to carry out the development of the blockchain-based asset management solution, a bank official told a media outlet.

Established in Seoul, this initiative develops products to secure cryptocurrencies using multi-part computing (MPC) cryptographic technology. However, no details on the custody platform are yet clear.

The report also notes that the bank is considering launching other cryptocurrency-based services, such as marketing, investment advisory and asset management.

Despite South Korea being one of the high-demand markets for digital assets, demand declined significantly in the past couple of years due to the slowdown in the cryptocurrency market.

The country's legislators amended the current Financial Prevention law to include provisions against money laundering in relation to digital assets. The new law mandates that cryptocurrency exchange houses be properly registered with regulators.

Meanwhile, in Germany, more than 40 banks have applied to the National Financial Supervisory Authority, better known as BaFin, for authorization to offer the Bitcoin custody service following the introduction of a new regulatory law in the country.