This crypto-investment fund will be the first to be offered by a South Korean bank.
Kookmin Bank is set to become the first bank in South Korea to offer a range of crypto-investment products to its savings customers.
It is the largest bank in the country an announcement This Monday, February 21, establishing a preparatory committee dedicated to the management of digital assets. Purpose: Launch crypto-index funds (ETFs) as well as crypto-futures. The financial institution will specifically make it possible to bet on third-party investment funds, possibly including those offered by Grayscale and Fidelity Asset Management.
Also, this new committee will also assess the risks associated with these financial products and ensure their compliance.
The KB Financial Group, the country’s most profitable financial group, claimed about $520 billion in assets under management last September.
By launching this new product, the KB The financial group is trying to meet the growing demand of South Korean investors for products related to cryptocurrencies and non-fungible tokens (NFTs). One of its main competitors, Shinhan Bank, recently decided to separate an entire section of its mobile app to allow its customers to manage NFT collections on the Klaytn blockchain.
Spinning in crypto-spheres, KB Financial Group is following in the footsteps of another Asian financial conglomerate DBS Bank. This is the 14th of February announced This year’s launch of new crypto-investment products aimed at savers.