Kookmin Bank to launch South Korea’s first crypto ETF

The Bank has already formed a Digital Asset Management Preparatory Committee

21.02.2022 - 13:45

583

1 min

What’s new? Kookmin Bank (KB), one of South Korea’s largest banks, has announced that it has formed a Digital Asset Management Preparatory Committee to determine product capabilities and strategies for cryptocurrencies and artificial intelligence investment funds. The bank plans to launch ETFs and futures products on cryptocurrencies. The committee will also assess risks and compliance issues for the investment funds.

KB’s press release

What does the KB’s representative say? By launching a new investment fund for its clients, KB is responding to a market that is becoming increasingly receptive to cryptocurrency and NFT investments. The plans were confirmed by the bank’s structural division head Honggun Kim in an official release. He said:

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

Who has already created such funds? The bank now plans to launch a crypto investment index fund and a fund that uses an outsourced chief investment officer (OCIO) to provide guarantees on principal investments. Grayscale and Fidelity Asset Management use such an OCIO. Fidelity Canada launched a spot bitcoin ETF in December last year, although such a product has not yet been approved in the United States.

Author: