Major Korean Bank Signs Blockchain Agreement with Atomrigs Lab

Asia Blockchain Review
June 27, 2019

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.

Atomrigs Lab’s Lime to Secure Digital Assets

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.

Institutional Bank Lends Credibility to Korean Cryptospace

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.

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Covid-19 is A Wake Up Call: Infinity Blockchain Labs Taiwan Explains
    Get more insights on the bandwagon of adapting towards the future technology of transparency to trac...

    May 29, 2020

    Transparency and Traceability of the Future Technology
    ABR recently had a chat with Steve Nam, the Managing Director of WOWTRACE on authenticity and transp...

    May 29, 2020

    Vottun Takes The Road Less Travelled
    We got to catch up with Rohan Hall, Founder/CTO/CEO Vottun USA, to share his thoughts on his firm’s ...

    May 28, 2020

    MAHSA University on Blockchain: Exclusive Interview with Dr Saad Musbah
    ABR recently spoke to the Head of Student Central and Senior Lecturer at MAHSA University, Dr. Saad ...

    May 27, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us