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South Korea’s Largest Bank to Launch First Crypto ETF

Cryptocurrency Feb 21, 2022 05:00AM ET
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South Korea’s Largest Bank to Launch First Crypto ETF

  • KB bank to launch the country’s first crypto investment fund.
  • Honggun Kim, KB bank’s head, has confirmed the plan.
  • The launch of ETF is a response to the market being increasingly engaged in crypto.

Kookmin Bank (KB), South Korea‘s largest financial institution by net profit, is preparing to launch its first crypto investment fund. As of September 2021, KB had about $520 billion in total assets.

On February 21, KB announced that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds.

Moreover, the bank expects to launch crypto exchange-traded funds (ETFs) and future products. The board will also evaluate risk and compliance issues for the investment funds. In fact, these plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank.

He said:

We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.

Likewise, the current plans are to launch a crypto investment index fund to utilize an Outsourced Chief Investment Officer (OCIO). OCIO is an outsourced investment management company that provides guarantees on principal investments. In addition, the OCIO fund may also be used as a retirement pension.

Furthermore, KB is launching a new investment fund for its customers in response to the market being increasingly receptive to crypto and non-fungible token (NFT) investments.

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South Korea’s Largest Bank to Launch First Crypto ETF
 

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Ashish Yadav
Ashish Yadav Feb 21, 2022 5:35AM ET
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Great work for future crypto
 
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