South Korea’s Kookmin Bank to Release Crypto ETFs

One of the leading financial institutions in South Korea – Kookmin Bank (KB) – intends to offer cryptocurrency exchange-traded funds (ETFs) and futures products to retail investors. If successful, it will become the first local bank to do so.
First Crypto ETFs in South Korea
Cryptocurrency exchange-traded funds (ETFs) are financial instruments that track the value of a particular asset or a collection of assets. These products allow investors to diversify their holdings without actually owning any of the tokens.
Many such ETFs are already live in Canada, Europe, and Brazil. The USA joined the club in October 2021 when the ProShares Bitcoin Strategy futures-backed ETF, ticked BITO, started trading on the New York Stock Exchange (NYSE).
According to a recent announcement, South Korea could become the next country on that list since Kookmin Bank revealed plans to launch such a financial tool. The institution formed a unit called the “Digital Asset Management Preparatory Committee”

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