Kookmin Bank (KB) develops digital multi-asset wallet

Korean banking giant Kookmin Bank (KB) claims to have developed a multi-asset digital wallet capable of storing non-fungible tokens (NFTs) and various tokens, including money issued by the central bank.

Bank giant Kookmin Bank (KB) develops digital multi-asset wallet

According to Fn News, KB has developed solutions that use the Klaytn blockchain protocol, which was developed by the chat app operator and powerhouse Kakao.

The decision to use Klaytn in this case is not a trivial one – Kakao and others are currently working to test a central bank digital currency (CBDC) in partnership with the Korean central bank.

KB says its “multi-asset digital wallet” has successfully completed testing – and is likely to be tested first as part of a pilot program that is expected to end next year.

The bank said the wallet will enable “account top-up, wire transfers and payments” for “various digital assets” such as “crypto, stablecoins and government NFTs”.

The development uses KB’s “own technology” and “secure” its “competitiveness” in this area through “core technologies” in the “financial industry”.

Kookmin Bank (KB) -specific multi-asset digital wallet plan

A KB official is quoted as saying:

“We plan to take an active part in the CBDC pilot test run for the Bank of Korea next year. We are planning to gradually expand the wallet with additional functions in the future. “

KB and its key domestic competitors have hinted that they see cryptocurrency – or more precisely, crypto custody – as a viable engine of growth. The company started a venture crypto-custody firm called Korea Digital Asset (KODA) a little over a year ago. At that time, the bank started the plan to create a business-oriented “digital asset bank” for the crypto business. KODA was initially only compatible with Bitcoin (BTC), but the company said it wanted to add the ability to process Ethereum (ETH) at a future date.

Commercial banks around the world have been keen to niche themselves in case central banks actually issue CBDCs – with custody and distribution of their choosing.

Private sector institutions fear that without such innovations central banks could effectively limit their functions to credit, mortgage and credit services.

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