Seoul-based KB Bank will be giving its customers financial services like investing in exchange-traded funds with crypto.
The investment bank will be looking to barge its way into the crypto industry due to the immense growth of digital assets across the globe. Alongside ETFs, Kookmin Bank will also be looking to broaden its crypto investments by offering index funds, and investment outsourcing for potential pension funding via digital assets.
The announcement from KB Bank states that its committee will evaluate how well the ETFs might hold up in the investment sector before the official launch. Even though Honggun Kim, who is the Head of Index Quant Management, assured that there will be "virtual asset-themed equity funds", the bank seeks to fully grasp the extent and sustainability of cryptocurrency investments, and how well they can perform in contrast to traditional ETFs.
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With Kookmin Bank moving towards the digital asset industry, it will become one of the largest banks in South Korea to adopt cryptocurrencies. In fact, based on stats from MacroTrends, KB made the most revenue at the end of September of 2021 - over $520B, which was the company’s second-largest increase per year.
A few weeks ago, Brazilian crypto management company QR Asset launched its own ETF which was listed on the country’s stock exchange. Likewise, the oldest South Korean bank Shinhan has previously shown interest in cryptocurrencies and the metaverse, with plans for stablecoins, and a potential launch of an NFT exchange.