South Korean banking giant, Kookmin Bank (KB) reports it has created a new multi-coin wallet capable of storing Crypto, NFT & CBDC-compatible Wallets.
KB develops digital multi-asset wallet
According to The Financial News, the digital multi-coin wallet is founded on the blockchain platform Klaytn. It allows users to hold central bank digital currency (CBDC), cryptocurrencies, local currency, and non-fungible tokens (NFTs).
It also offers several transaction services like recharging, sending, and making payments using digital currencies.
The decision to use Klaytn is not trivial. Kakao and others are currently working on a CBDC pilot with the Korean central bank. “Based on the technology secured by developing this [digital wallet] pilot, we plan to participate actively in the Bank of Korea’s CBDC simulation next year,” a KB Kookmin Bank official said.
KB says, “the multi-asset digital wallet” testing is complete and likely to be tested as part of the pilot towards the end of next year. The wallet will then enable “account top-up, wire transfers, and payments” for “various digital assets” such as “crypto, stablecoins, and government NFTs”.
This development uses KB’s own innovation and secures its intensity in this area through “center advances” in the “monetary industry”.
Kookmin Bank’s plan for the multi-asset digital wallet development
KB has been active in the cryptocurrency front in Asia. In January last year, the bank applied for a trademark known as Kookmin Bank Digital Asset Custody (KBDAC). This trademark covers over 20 areas of cryptocurrency, including Bitcoin and Ethereum.
KB and its major competitors have shown that cryptocurrency, and specifically cryptocurrency storage, is a likely growth driver. Last year, it became the latest company to make its way to the fast-growing cryptocurrency space.
The giant bank invested with Korea Digital agency (KODA), a new digital asset management company. Its joint venture with KODA has made it possible for KB to be the first bank in Korea to launch its own digital asset custody service. Initially, KODA was only compatible with bitcoin, but KB said it could add the ability for it to process Ethereum, as well as virtual payment services against fiat currency.
Commercial banks are careful to reposition themselves in case central banks actually issue CBDCs.
