Kookmin Bank, one of the four largest banks ranked by asset value in South Korea, is set to launch its own cryptocurrency investment fund.
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According to an announcement, the so-called Digital Asset Management Committee will work on a crypto exchange-traded fund (ETF). Although the timetable is unclear, the bank said it plans to speed up its efforts after the country gets more clear crypto regulation. Hong-Gom Kim, Head of Index Quant Management Division at Kookmin Bank, said that the bank will also publish periodicals in addition to a hybrid fund which will consist of crypto and traditional assets for retirement pensions.
In November 2021, SK Square, SK Telecom’s investment arm, became the second-largest shareholder of the Korbit cryptocurrency exchange. According to reports, the investment arm purchased a 35% stake for $75.5 million. SK Square believes that holding a stake of Korbit itself will “increase the net asset value of SK Square.”
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