Today saw the launch of KODA, the institutional digital asset custody solution backed by Korea’s largest bank Kookmin Bank (KB), based on technology from blockchain developer Haechi Labs and in association with Hashed.
When the solution was first announced in November 2020, the target launch date was within a year, so it’s well ahead of schedule. The offering connects to selected over-the-counter (OTC) cryptocurrency exchanges.
While there are plans to expand to other digital assets, the custody solution currently supports three cryptocurrencies, Bitcoin, Ethereum and KLAY, the token for the KLAYTN blockchain network. KLAYTN was created by Korea’s largest social network, Kakao and is preparing to support a possible central bank digital currency (CBDC). Apart from safeguarding keys, the future aim of KODA is to support staking services.
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