In a widely noted move KB bank launches South Korea’s first crypto investment fund. The plans have been confirmed by Honggun Kim, the bank’s CEO. The launch of the crypto ETF is a response to the growing interest in crypto.
Kookmin Bank (KB), South Korea‘s largest financial institution by net profit, is preparing to launch its first crypto investment fund. As of September 2021, KB had about $520 billion in total assets.
On February 21, KB announced that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds.
Moreover, the bank expects to launch crypto exchange-traded funds (ETFs) and future products. The board will also evaluate risk and compliance issues for the investment funds. In fact, these plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank.
We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.
Likewise, the current plans are to launch a crypto investment index fund to utilize an Outsourced Chief Investment Officer (OCIO). OCIO is an outsourced investment management company that provides guarantees on principal investments. In addition, the OCIO fund may also be used as a retirement pension.
Furthermore, KB is launching a new investment fund for its customers in response to the market being increasingly receptive to crypto and non-fungible token (NFT) investments.