South Korea’s Kookmin Bank Plans To Begin Offering Cryptocurrency Investment Products To Investors
Kookmin Bank is moving towards turning into the initial bank throughout South Africa to provide the investors with the products related to crypto investments. On 21st February, the bank declared to have had constructed a Digital Asset Management Preparatory Committee that would determine the strategy and product capabilities dealing with crypto assets as well as the funds associated with artificial intelligence.
The respective bank anticipates starting crypto ETFs (exchange-traded funds) along with futures-based products. The committee will additionally evaluate the issues related to compliance and hazards management in the case of the investment funds. The agenda was confirmed on the behalf of Honggun Kim (the Index Quant Management’s head at KB) in the bank’s official release. He stated that they would introduce an equity fund that would be based on virtual assets and the periodicals would also be published by them, as included in the plan.
KB Financial Group – known as the biggest organization throughout the country in terms of net profit – had more than $520B in cumulative assets till 2021’s September, according to MacroTrends (a research venue). The present plans include the launch of an index of crypto investments as well as a fund utilizing an OCIO (Outsourced Chief Investment Officer), to provide insurance over principal investments. The retirement pensions may also be used in the OCIO fund.
Fidelity Asset Management and Grayscale have this type of OCIOs that provide funds for crypto investments. Fidelity Canada introduced a spot ETF of Bitcoin (BTC) in the previous December although the United States-based regulator has not yet approved for such a product. By introducing this product, KB’s target is to meet the demands of the market that has grown to a great extent with the inclusion of NFT (non-fungible token) and crypto investments.
Shinhan Bank, which is a hard competitor of the company, has devoted a complete department of mobile banking applications to assist the consumers in managing the collections of their NFTs on Klaytn (considered to be a prominent blockchain across the country).
At present, the Singaporean megabank DBS is being followed on the behalf of KB as it declares products related to crypto investments. Piyush Gupta – the chief executive officer (CEO) of DBS Bank – mentioned on 14 February that the respective bank would operate to incorporate improvement in the scaling of the crypto operations thereof in the present year.
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