The mutual fund will be the first to be offered by a bank in the country and is expected to include a type of crypto index and ETF.
Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors.
KB announced on February 21 that it has formed a Preparatory Committee on Digital Asset Management to identify product opportunities and strategies for digital assets and AI investment funds. The bank plans to launch cryptocurrency exchange-traded funds (ETFs) and futures products. The committee will also assess risks and compliance issues for investment funds. You can see it by yourself if visit biti codes app
The plans were confirmed by the head of KB Index Quant Management, Honghun Kim, in an official statement from the bank. He said: “We will launch an equity fund dedicated to virtual assets and so on. We also plan to publish periodicals.”
KB Financial Group, the nation’s largest by net income, had total assets of about $520 billion as of September 2021, according to the research platform MacroTrends.
Current plans are to launch a crypto-investment index fund and a fund that uses an outsourced chief investment officer (OCIO), also known as outsourced investment management, to underwrite the underlying investments. The OCIO fund can also be used to pay old-age pensions.
Such OCIOs to consider include Grayscale and Fidelity Asset Management, which each offers crypto investment funds. Fidelity Canada launched a bitcoin ETF last December, although the product has yet to be approved in the US. https://dex.ag/ – they can tell you more about it.
By launching a new investment fund for its clients, KB is responding to a market that is increasingly receptive to cryptocurrency and non-fungible token (NFT) investments. Closest competitor Shinhan Bank has dedicated an entire section of its mobile banking app to help customers manage their NFT collections on Klaytn, the country’s blockchain host.
KB is now following Singapore megabank DBS in announcing new retail crypto investment products. DBS Bank CEO Piyush Gupta said on February 14 that the bank will work on scaling its cryptocurrency operations in 2022.
