One of Top Korean Banks to Launch Crypto Fund
Kookmin Bank, one of the four largest banks ranked by asset value in South Korea, is set to launch its own cryptocurrency investment fund.
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.
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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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