Largest South Korean Bank Changes Stand On Cryptocurrencies, Partners With Crypto Start-up

Kookmin Bank

South Korea has been one of the leading destinations globally for crypto start-up and traders, and the most popular one in East Asia. However, the country’s biggest lender, Kookmin Bank, had always maintained a distance from the crypto space.

Things seem to be changing for after the bank reportedly partnered with Atomrigs Lab, a crypto start-up focused on digital asset security. This will help Korea’s largest bank to explore various opportunities the crypto space has to offer. The announcement came on Monday, June 10, at the bank’s Computer Tech Center in Seoul. Commenting on the partnership, CEO of Kookmin, Lee Koo-il said,

We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement. We will expand the digital ecosystem through cooperation.

Atomrigs Labs is a blockchain based start-up that has expertise in finance, blockchain design, and mathematics. It focuses on developing blockchain solutions for digital asset protection, using next-generation cryptography. As part of the agreement, the two companies will conduct joint research of digital asset protection technologies, and smart contract application methods. They will also strive to explore new mutual business opportunities in the crypto realm.

The partnership will also facilitate the development of crypto asset management services by combining Atomrigs’s technology with Kookmin’s internal control and information protection infrastructure. Both the parties have also agreed to create an ecosystem to bridge the gap between blockchain networks and finance.

The emergence of the country’s largest bank will push the envelope for the crypto space even further. The bank’s sheer potential, in terms of both user base and capital availability, will open new doors for the digital asset adoption.