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The South Korean bank Kbank has submitted 13 trademark registration applications to the Korean Intellectual Property Information Service (KIPRIS) for four stablecoin wallet brands named KSC Wallet, KSTA Wallet, Kstable Wallet, and KBank SC Wallet.
The applications indicate that the neobank Kbank intends to provide services related to digital assets and offer software for cryptocurrency transactions. It is implied that the wallets will be utilized for money transfers, payments, and settlements. The bank is preparing to engage with digital assets in light of the upcoming regulatory changes by South Korean authorities concerning stablecoins and crypto services.
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Kbank plans to attempt a public offering for the third time. Previous efforts to launch initial public offerings (IPOs) in 2023 and 2024 were unsuccessful. The funds raised from the IPO are promised to be allocated towards the development of the crypto business, services related to stablecoins, and the creation of new digital products.
Recently, Kbank entered into agreements with the local technology firm BPMG, which provides blockchain solutions for gaming and finance, as well as with the Thai bank Kasikorn and software developer Orbix Technology. The companies aim to collaborate on developing a financial solution for international payments and transfers in stablecoins between South Korea and Thailand. Kbank asserts that this will facilitate payments for tourists and Thai workers residing in South Korea. Kbank is also partnering with Upbit, the largest cryptocurrency exchange in South Korea.
Earlier this year, the Financial Services Commission (FSC) of South Korea planned to lift the ban on corporate investments in cryptocurrencies that had been in place since 2017. Approximately six months ago, the prohibition on venture firm status for crypto companies was removed in the country.
