Woori Bank, the South Korean financial institution, enters the DACS (cryptocurrency custody services) market.
The Woori Financial Group will start offering its client cryptocurrency custody services. It is among the largest South Korean financial institutions.
Related Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform
The banking unit of the financial institution – Woori Bank will partner with the solutions provider of fintech to launch this initiative. This fintech’s solutions provider is known as Coinplug Inc.
Woori Bank Adopts Cryptocurrency
The Korean Economic Daily report states that Woori Bank is the next Bank in South Korea to join the DACS market. The institution joined Coinplug Inc, a Bitcoin-focused fintech provider, to establish a joint venture (JV).
The project name is D-Custody and will be integrated by early next week. The ownership agreement is that Woori Bank will contribute less while Coinplug becomes the key shareholder.
An official from the Woori Bank commented that digital asset custody had recorded more success among the recent services rendered by Banks in the overseas market.
Investors are in a panic as the cryptocurrency market keeps following a downtrend | Source: Crypto Total Market Cap on TradingView.com
At its core, digital asset custody allows its providers to reserve cryptocurrencies for companies and individuals in their absence.
There is now an increase in the demand for digital asset custody services in South Korea. This is because most local firms have now held and trade on different kinds of virtual currencies.
Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.”
For instance, KB Kookmin Bank, the present biggest South Bank, has joined the Digital Assets Custody Services (DACS) market. The bank entered DACS towards the end of 2020 by forming KODA (Korea Digital Asset Co).
Shinhan Bank also adopted the same idea early this year and became Korea Digital…