South Korean KB Kookmin Bank Adopts Blockchain to Improve Internal Processes
Ana Alexandre's original article for cointelegraph.com reduced by 51%
Major South Korean bank KB Kookmin Bank is planning to integrate blockchain technology into its internal processes. As local news outlet Korea JoongAng Daily reported on Oct. 7, the institution said blockchain technology could offer a multitude of benefits to the financial industry, including the issuance of digital tokens, funding, custodial services and trading.
The bank intends to deploy distributed ledger technology to fight money laundering, improve verification services, custodial services and token offerings. "We see blockchain as a big wave that will disrupt finance in the future. We need to be ready for the moment when different types of assets turn into tokens, although we don't know when that will be."KB Kookmin's experience with blockchain and cryptocurrency.
In June, KB Kookmin signed a memorandum of understanding with blockchain tech firm Atomrigs Lab to jointly develop digital asset management services that use Atomrigs Lab's technology and KB Kookmin's internal control infrastructure and data protection technologies. The bank previously came under regulatory scrutiny from Korea's Financial Supervisory Service when the regulator criticized KB Kookmin and Nonghyup Bank's management. The FSS stated that there was a problem with the so-called "Suspicious transaction extraction standard of Kookmin Bank's virtual currency handling business..
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.