KB Kookmin collaborates with Atomrigs Lab, signing a strategic business agreement on June 10.
Atomrigs Lab is developing a product called Lime that secures digital assets using secure MPC technology.
Kookmin and Atomrigs Lab will develop digital asset custody services that combine Atomrigs Lab’s technology and KB Kookmin Bank’s internal control infrastructure and information protection technologies.
It aims to collaborate on the development of digital asset protection technology and smart contract applications, as well as exploring new businesses in the digital assets space.
Cooperation on a blockchain network and the creation of a related ecosystem within finance are also on the cards.
A move by such a major bank into the digital asset trust business brings a great impact for crypto industry. KB Kookmin to launch a digital asset custody offering.
A financial institution that already has a high degree of credibility could potentially help eliminate concerns over security of customers’ funds and suspect exchange operators.
“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management,” a representative of the bank said. “We will continue to cooperate with various technology companies in the digital ecosystem to expand our offerings.”
Kookmin Bank has designated its core technology as “ABCDE” (for AI, blockchain, cloud, data and ecosystem) and, since last year, has been promoting digital transformation throughout.