Korea’s largest financial group launches mutual fund focused on blockchain

KB Asset Management, the asset-management arm of South Korea’s largest financial conglomerate KB Financial Group, launched a mutual fund focused on investments in blockchain companies.

KB Asset rolls out first investment fund

“Blockchain is a key technology that leads the Fourth Industrial Revolution, along with 5G and artificial intelligence technologies,” KB Asset Management CEO Lee Hyun-seung said. https://t.co/bW4wKaF9DV

— Sarang Pokhare (@sarang143u) September 6, 2021

KB Global Digital Chain Economy will focus on three areas:

• the production of infrastructure hardware, such as Nvidia, AMD and Intel;
• providing distributed-ledger technology (DLT) services, notably IBM, Amazon and Baidu;
• the use of blockchain technology in business models — Square, PayPal, Tencent and others.

The holdings comprised Japanese (14% of AUM), European (12%), Chinese (11%) and American firms (52%).

According to the company’s website, as of February, assets under KB Asset Management amounted to $94 billion.

In July, one of Korea’s largest banks, Woori Bank, in collaboration with blockchain solutions provider and Bitcoin exchange Coinplug announced the launch of a cryptocurrency custody service.

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