All You Need To Know About KB’s Digital Asset KODA
The institutional digital asset custody solution from Korea’s largest bank, Kookmin Bank (KB), is built on blockchain developer Haechi Labs’ technology and developed in collaboration with Hashed.
The solution’s target launch date was within a year when it was first revealed in November 2020, so it’s far ahead of schedule. The service connects to several OTC (over-the-counter) cryptocurrency exchanges.
The custody solution currently guards three cryptocurrencies: Bitcoin, Ethereum, and KLAY, the token for the KLAYTN blockchain network.
KLAYTN was founded by Kakao, Korea’s largest social media platform, and is gearing up to support a potential central bank digital currency (CBDC). KODA’s long-term goal is to fund staking programmes in addition to safeguarding keys.
KODA has other assets planned for the first half of this year. It’s looking into nonfungible tokens, such as real estate, gold, and art.
Others in the Korean sector, such as KLAYTN and Shinhan Bank, look into CBDC solutions, though they are not listed in the announcement.
Korean won could not be deposited or withdrawn from corporate accounts until now due to Korea’s largest digital asset exchanges.
KODA will conduct anti-money laundering procedures such as screening deposit and withdrawal addresses in addition to providing custody and connecting to OTC trading.
In collaboration with professional services companies, the approach also provides legal, accounting, and tax advice. Additional partnerships in digital asset insurance, settlement, fund management, and lending are in the works. Meanwhile, similar programmes are being launched by other organisations around the world. BNY Mellon, the world’s largest custodian bank. It plans to provide custody services later this year.
Pyctor, a decentralised digital asset solution for ‘safekeeping’ and post-trade, has been introduced by Dutch bank ING in partnership with several key partners. Standard Chartered is launching a custody service called Zodia.
The Spanish bank BBVA offers a cryptocurrency service to its wealthy Swiss customers in terms of wider services. And the DBS Digital Exchange is located in Singapore.
Thailand is planning to Implement an In-Person KYC Step for Crypto Exchange.