Friday, July 30, 2021

Major Korean financial institution Woori Bank will offer crypto custody services.

The Takeaway:

One of the leading financial institutions in South Korea – Woori Financial Group – will offer crypto custody services to its clients.

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According to a report from The Korean Economic Daily, Woori Bank will be the next South Korean bank to enter the crypto custody services (DACS) market. Woori Bank is teamed up with the Bitcoin-focused fintech solutions provider Coinplug Inc. to set up a custody joint venture. The project, named D-Custody, will be incorporated by next week at the earliest. Coinplug will be the main shareholder, while the Koran bank will have less input.

 

Woori Bank’s official cites the expansion of crypto custody services overseas. 

“In overseas markets, the digital asset custody has become a successful, established practice among the new services offered by the banks,” an official from the bank commented. Digital asset custody allows providers to store cryptocurrencies on behalf of individuals and companies. Recently, there has been a surge in demand for this service in South Korea as a significant number of local firms started trading and holding various types of cryptocurrencies. The largest bank in South Korea – KB Kookmin Bank – entered the DACS market at the end of the last year by establishing Korea Digital Asset Co.  

 

The multinational investment bank partnered up with Standard Custody & Trust Co. 

Earlier, major banks in the largest economy the US also started offering crypto custodian services. One of the latest ones to join the trend was Cowen Inc. The multinational investment bank partnered up with Standard Custody & Trust Co. to provide “institutional-grade” custody services. The financial giant with $12 billion in AUM revealed that the innovation would be available for hedge funds and managers. Jeffrey Solomon – CEO of Cowen – explained the bank’s decision. Earlier, the oldest American bank BNY Mellon also announced it would provide crypto-related services to its customers. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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