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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.
Updated May 11, 2023, 7:04 p.m. Published Sep 6, 2021, 9:02 a.m. 1 min read
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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