On June 11, one of South Korea’s largest commercial lenders, KB Kookmin Bank, announced that they had signed a memorandum of understanding with Atomrigs Lab, a leading blockchain technology firm. The purpose of this partnership will be to explore creating a digital asset management system as well as generating new protection solutions, according to the release.
Because of Atomrigs expertise in creating blockchain technology specifically designed for the finance world, this looks like a promising collaboration. Atomrigs is looking to create a specific set of technology that will become the “next generation” for cryptography.
The new platform is called Lime, and it is expected to be a system that secures digital assets, especially cryptocurrencies. It will use secure MPC technology to accomplish this. Combined with Kookmin’s infrastructure, they are expected to have one of the most sophisticated storage and managing platforms for traditional and digital assets.
Using blockchain technology to help improve their systems is not something new at KB Kookmin. Back in October 2016, the bank integrated this technology with the Coinplug Identification System to verify the identities of those using credit cards.
KB Kookmin has also been active in the digital currency world. They were one of the first banks to offer virtual accounts and a platform for exchange once the South Korean government made these transactions normalized.
This kind of innovation that has helped the South Korean bank remain one of the top financial institutions in the country. In their new venture, they are looking to create a one-of-a-kind platform that will link the two ecosystems, combining the blockchain network developed by Atomrigs with the financial expertise and innovations at KB Kookmin.
“We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement,” KB Kookmin Bank explained in an official statement. “We will expand the digital ecosystem through cooperation.”
Because of the credibility of the South Korean bank, it should eliminate most of the concerns that customers have in relation to new security systems. KB Kookmin has already established themselves as a trusted financial institution within the country, and so it is expected that many consumers will jump on board, having full confidence in the new technology.
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