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Major Korean Bank Set To Provide Cryptocurrency Custody Services

Crypto 2021/07/18 19:00 by Asad Gillani

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.

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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).

Major Korean Bank Set To Provide Cryptocurrency Custody Services

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.

Major Korean Bank Set To Provide Cryptocurrency Custody Services

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.

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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 Asset Custody Co (KDAC) strategic investor.

The Expansion of Cryptocurrency Custody Services

Major banks in the US- the largest economy has also started rendering cryptocurrency custodian services, as reported recently. Cowen Inc is now marked as one of these major banks to join the trending offer.

In collaboration with Standard Custody & Trust Co., the multinational investment bank has started providing custody services called “institutional-grade.” The financial giant and $12B in AUM revealed that this innovation would be available for managers and hedge funds.

The CEO of Cowen-Jeffery Solomon reveals the decision of the Bank ‘ In no distant time, we will assist a lot more of our clients in the institution to overcome the challenges and start digital asset trading. The demand is here.

Related Reading | Russia Plans To Impound Unlawfully Acquired Cryptocurrencies

BNY Mellon–the ancient American bank, announced early this year that it would offer cryptocurrency-related services to its customers.

This New York-based institution explained that it would issue, hold and transfer BTC and other cryptos in honor of its clients in the institution.

Featured image from Pixabay, chart from TradingView.com

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