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KB Kookmin Bank, one of the four largest banks in South Korea based on asset value, is reportedly preparing to launch its cryptocurrency investment fund. With this move, it is poised to become the very first bank in the country to offer this type of crypto service to retail investors.
As per CoinTelegraph, KB Kookmin Bank will offer the cryptocurrency investment fund within South Korea first, and the product may also include crypto index and ETFs. On Monday, Feb. 21, the financial company announced it set up its Digital Asset Management Preparatory Committee to discern product and strategy capabilities related to digital assets and artificial intelligence (AI) investment funds.
After setting up its crypto investment fund, KB Bank will be adding more products in addition to the ETFs. The DAMPC will also be evaluating risk and compliance issues for the new crypto offering. The plans for this cryptocurrency product were personally confirmed by Kim Hong Gun, KB Bank’s head of index quant management, this week.
In any case, the bank’s current plan is to set up a virtual asset investment index fund and a fund that uses an Outsourced Chief Investment Officer (OCIO), which is also known as Outsourced Investment Management. Clients and investors can also use this type of fund in managing retirement pensions.
Blockchain Council further mentioned that the new products will offer guarantees on principal amounts invested by the consumers. Additionally, the OCIOs that can be considered under the service include Grayscale and Fidelity Asset Management since they provide crypto investment funds to users.
KB Bank’s introduction of this new investment fund for its clients serves as its response to the growing market related to cryptocurrency and nonfungible token (NFT) investments. The industry is also becoming more open with these digital businesses and operations.
Since it is now opening the very first crypto investment fund in South Korea, KB Bank is looking forward to boosting its hold and position in the fast-growing crypto space in the country. Finally, the company is now following the steps of the Singaporean financial firm, DBS, by adding new digital investment products to its portfolio.
