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KB Asset Management Launches Blockchain Mutual Fund: Report

The fund will invest predominantly in U.S. companies, with lesser amounts in Japanese, European and Chinese firms.

Seoul Tower, Korea (Shutterstock)

KB Asset Management, the investment arm of KB Financial Group, South Korea’s largest financial company, has introduced the country’s first blockchain-focused mutual fund, the Korea Times reported Monday.

  • The KB Global Digital Chain Economy fund will invest in three main areas, according to the report.
  • One area of investment is companies that make the hardware required to support blockchain activities, such as Nvidia, AMD and Intel.
  • A second arm is software companies providing blockchain-based services. Those include IBM, Amazon and Baidu.
  • The third investment segment covers companies that use blockchain technology within their own businesses. PayPal, Square, NTT Data and Tencent were identified.
  • The fund will invest predominantly in U.S. companies, with smaller allocations placed in Japanese, European and Chinese firms.
  • KB Asset Management had more than $90 billion under management as of February, according to Korea Financial Investment Association data cited on the KB Asset Management’s website.

See also: Another Large Bank in South Korea to Provide Custody of Crypto Assets

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Sheldon Reback

Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.

Sheldon Reback