Korea’s biggest bank, KB Kookmin Bank, is teaming up with blockchain startup Atomrigs Lab, with the two entities signing a Memorandum of Understanding (MoU) on June 10th to jointly explore digital asset management and protection solutions.
According to a report from BusinessKorea, Atomrigs Lab is developing a product called Lime that secures digital assets such as cryptocurrencies using MPC technology.
KB Kookmin and Atomrigs Lab will develop digital asset custody services that combine the latter’s technology with the bank’s internal control infrastructure and information protection technologies.
The firms aim 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 in the cards.
A move by such a major bank into the digital asset trust business could have a big impact on the cryptocurrency industry, according to the BusinessKorea report. A financial institution that already has a high degree of credibility could potentially help to eliminate concerns over the 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.”
KB Kookmin has designated its core technology as “ABCDE,” for AI, blockchain, cloud, data, and ecosystem. Since last year, the Korean bank has been promoting digital transformation throughout the company.
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