Major Korean bank to launch crypto custody services
One of South Korea’s largest financial institutions, Woori Financial Group, will soon begin offering cryptocurrency custody services to its clients through a project known as D-Custody.
The initiative was launched in collaboration with Coinplug, one of the first exchanges in South Korea and a blockchain financial services provider. While Coinplug will become the key shareholder in the ownership agreement, Woori Bank will contribute less.
In the meantime, the project should go live next week. Commenting on the move, a representative from Woori Bank said:
In overseas markets, digital asset custody has become an established and successful practice among new services offered by banks.
Speaking of crypto custody, several traditional financial institutions have jumped on the crypto bandwagon. For example, in February, America’s oldest bank BNY Mellon (NYSE 🙂 announced that it was launching a new crypto custodial service for Bitcoin and other cryptos.
Although South Korean regulators have sought a way to tax crypto transactions and crack down on illegal transactions, the demand for digital asset custody services in the region has continued to grow. Besides Woori, other Korean banks like KB Kookmin and Nonghyup Bank have also entered the crypto custody space.
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