April 20, 2024

South Korea’s Biggest Bank Is Launching The Country’s First Crypto Funding

South Korea's Biggest Bank Is Launching The Country's First Crypto Funding

Last Updated on November 8, 2023 by admin

Kookmin Bank, which is the biggest bank in South Korea by assets, plans to launch a crypto-investment product geared toward individual investors.

The bank created a “Digital Asset Management Committee” to launch a crypto exchange-traded fund (ETF) and future products, as the current regulations permit crypto trading and ownership.

Hong-Gom Kim, the head of Kookmin Bank’s index quant management division said “We will launch a virtual asset-themed equity fund as soon as possible. We are going to also publish periodicals.”

Additionally, the bank is exploring the likelihood of a hybrid fund that includes crypto, which would be similar to old assets. The plan is for this fund to be utilized by an outsourced investment officer to supply guarantees for the investments. It would be possible for the plan to be used as a pension scheme as well.

This move by South Korea follows the transition of well-established banks based in Asia. Earlier this year, Singapore-based DBS Bank proclaimed plans for a personal digital asset mercantilism table later this year, and in January 2022, the Union Bank of the Philippines announced plans to supply cryptocurrency trading and custody services.

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