South Korea’s bank created multi-currency wallets to store cryptocurrencies

The solution was developed using the Klaytn blockchain protocol

23.12.2021 - 13:10

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1 min

What’s new? The South Korean banking giant Kookmin Bank (KB) said it has developed the new multi-currency wallets capable of storing NFTs and various tokens, including coins issued by the central bank. This is reported by the news publication Fn News.

Information on the Fn News website

How did events develop? KB has developed solutions using the Klaytn blockchain protocol, which was created by Kakao, an internet company and chat application operator.

The decision to use Klaytn, in this case, is significant, Kakao and other companies are currently working on a CBDC pilot project jointly with the Korean central bank. This pilot also uses the Klaytn protocol.

What do the bank’s representatives say? KB reported that its multi-asset digital wallet has successfully completed testing and is likely to be tested first as part of a pilot to be ended next year. The bank added:

“The wallet will enable account top-up, wire transfers and payments for various digital assets such as crypto assets issued by the local government and NFTs. KB’s own technologies were used in the development, which will secure its competitiveness in this sector by anchoring core technologies in the digital asset industry.”

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