Kookmin Bank To Launch Crypto Investment Fund

Kookmin Bank is poised to become South Korea’s first bank to provide cryptocurrency investment products to retail customers. 

iexclusive News Nigeria reports that Monday, KB announced the formation of a Digital Asset Management Preparatory Committee.

To examine digital asset and artificial intelligence investment fund product and strategy capabilities.

Crypto exchange-traded funds (ETFs) and futures products are expected to be launched by the bank.

The investment funds’ risk and compliance issues will also be assessed by the committee.

Honggun Kim, the bank’s head of index quant management, confirmed the plans in an official statement.

“We will launch a virtual asset-themed equity fund, for example,” he stated. We also intend to publish journals.”

According to the research platform Macrotrends, KB Financial Group.

The country’s largest corporation by net profit, had around $520 billion in total assets as of September 2021.

The company is now working on launching a crypto investing index fund.

Outsourced investment management is a term used to describe a fund that employs an outsourced chief investment officer (OCIO).

The OCIO fund can also be utilized in retirement pensions to give guarantees on principle investments.

Grayscale and Fidelity Asset Management, both of which provide crypto investment funds, are two OCIOs to consider.

Last December, Fidelity Canada debuted a spot Bitcoin ETF, albeit it has yet to be licensed in the United States.

KB is responding to a market that has become increasingly receptive to crypto and nonfungible token (NFT) investments by introducing a new investment fund for its customers.

Shinhan Bank, a close competitor, has dedicated an entire portion of its mobile banking app to assisting customers with NFT collections on Klaytn, the country’s top blockchain.

Following in the footsteps of Singaporean megabank DBS, KB has announced new retail cryptocurrency investing products.

On February 14, DBS Bank CEO Piyush Gupta said the bank would work to scale its crypto activities in 2022.