South Korea’s Biggest Bank Teams Up with Ethereum Startup For Custody Solutions

KB Kookmin, the biggest bank in South Korea with yearly revenue of $26 billion, has signed a memorandum of understanding with Atomrigs Lab, formerly known as Atomrigs Consulting.

“Through this agreement, we hope that the two companies will grow together by discovering innovative services in the digital asset management field,” Kookmin Bank IT Group representative Lee Woo-Yeol said before adding:

“In the future, KB will work with various technology companies to develop and expand the digital ecosystem.”

The two plan to work on digital asset protection technology and smart contract application methods and will further explore new businesses in the field of digital assets according to local media.

They will develop digital asset storage and management services with the new service being a combination of digital asset technology developed by Atomrigs Lab and Kookmin Bank’s customer identification (KYC) and anti-money laundering (AML) operation know-how.

Chung Woo-Hyun, CEO of Atomrigs Lab, said according to a rough translation: “This partnership has been settled in order to securely manage customers’ digital assets in the near future.”

Atomrigs has developed a product called Lime, a Multiparty Computation (MPC) method that to explain simply is same as chopping up the private key, but here it can be the mnemonics or a password too.

This may suggest the bank is maybe thinking of starting to offer the buying and selling of ethereum and other cryptos with Chung Woo-Hyun appearing to be a very big eth enthusiast.

He is the founder of Seul Ethereum Meetup and seems to be a coder, seemingly trying out Solidity all the way back in 2016.

For now the bank is apparently only testing the waters and experimenting, but it does look like ethereum is beginning to go mainstream in South Korea, as well as bitcoin and perhaps other cryptos.

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