Korean digital bank Kbank is the latest to make moves towards stablecoins. It has partnered with blockchain firm BPMG, which developed a multi-chain wallet, KMINT. The deal is for a blockchain wallet, platform development and stablecoin consulting.
Kbank has 14 million clients and is known as the partner bank for Upbit, the country’s largest cryptocurrency exchange. Korean law requires crypto exchange users to first open a real name bank account with the exchange’s partner bank to address KYC and money laundering challenges.
Together Kbank and BPMG are already conducting proofs of concept for cross border payments with companies in Thailand and Dubai using a Korean won stablecoin.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
