Major Korean Bank offers Cryptocurrency Custody Services

Syed AhadWeb Editor

19th Jul, 2021. 07:14 pm

Woori Bank, a banking institution based in South Korea, has entered the DACS (cryptocurrency custody services) sector.

Woori Financial Group will begin offering cryptocurrency custody services to its clients. It is one of the largest financial institutions in South Korea.

Woori Bank, the financial institution’s banking unit, will begin this initiative in collaboration with a fintech solution provider. Coinplug Inc. is the company that provides fintech solutions.

According to the Korean Economic Daily, Woori Bank is the second South Korean bank to join the DACS market. Coinplug Inc, a Bitcoin-focused financial firm, partnered with the institution to form a joint venture (JV).

D-Custody is the name of the project, and it will be implemented by early next week. According to the ownership contract, Woori Bank will contribute less and Coinplug will become the majority shareholder.

According to a Woori Bank executive, digital asset custody has been one of the most successful recent services provided by banks in the international market.

Digital asset custody,  allows its providers to store cryptocurrencies for organizations and people while they are away.

In South Korea, there is a growing need for digital asset custody services. This is because the majority of local businesses now store and trade various types of virtual currency.

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