KB Kookmin, one of South Korea's largest banks, entered the crypto custody market through a new partnership. Policy shifts in the country made the deal possible, bringing together Hashed, a blockchain
KB Kookmin, one of South Korea's largest banks, entered the crypto custody market through a new partnership. Policy shifts in the country made the deal possible, bringing together Hashed, a blockchain investment fund; Cumberland Korea, a crypto trading firm; and Haechi Labs, which audits smart contracts.
Each organization plays a distinct role. Cumberland trades digital assets. Haechi Labs inspects blockchain code for security flaws. Hashed invests in blockchain startups. KB Kookmin brings the banking license and regulatory foundation.
The bank plans to tokenize physical assets—real estate, artwork—and enable them to trade on blockchain networks. Executing that vision requires the technical capability its partners provide.
Hashed CEO Simon Kim addressed the partnership: "Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation."
KB isn't the only Korean lender eyeing this market. Nonghyup signed an agreement with Hexland, a blockchain specialist, to develop its own digital asset custody service.
Ryu Chang-bo, head of research and development at Nonghyup, explained the rationale: "The reliability issue of virtual asset storage and management will emerge,…We plan to provide services for institutional investors by utilizing the reliability and proven security system of Nonghyup Bank."
Nonghyup's thesis rests on a fundamental shift in the market. As crypto adoption expands, institutional investors will demand assurances about how safely their assets sit in storage.
