Woori Bank, a Korean financial institution, is entering the DACS (Cryptocurrency Custody Service) market.

Woori will offer crypto custody services to its customers and plans to partner with Coinplug Inc, a provider of Finteck solutions, to launch this initiative.

Korea’s Leading Bank – Woori Will Offer Crypto Custody Services Offer

The Woori Financial Group will offer crypto custody services to its customers. It is one of the largest financial institutions in Korea.

Financial Institution Banking Unit – Woori Bank will work with a fintech solution provider to launch this initiative. This fintech solution provider is called Coinplug Inc.

The Korea Economic Daily reported that Woori Bank is the next Korean bank to enter the DACS market. The organization has formed a joint venture (JV) with Coinplug Inc, a bitcoin-focused fintech provider.

The project is called D-Custody and will be integrated early this week. The ownership agreement stipulates that Woori Bank will deposit less while Coinplug will become the majority shareholder.

A Woori Bank official commented that digital asset custody has been more successful among the recent services offered by overseas banks. It enables providers to reserve cryptocurrencies for businesses and individuals in their absence.

The demand for digital asset custody services in South Korea is currently increasing. This is because most of the local businesses already hold and trade various virtual currencies.

For example, KB Kookmin Bank, now the largest South Bank, has entered the Digital Asset Custody Service (DACS) market. The bank joined DACS in late 2020 and founded KODA (Korea Digital Asset Co).

Shinhan Bank also embraced the same idea earlier this year and became a strategic investor in the Korea Digital Asset Custody Company (KDAC).

Expansion of crypto custody services

Not only in South Korea, major banks in the US – the largest economy – have started offering crypto custody services, as recently reported. Cowen Inc is currently listed as one of the major banks participating in the current offering.

In partnership with Standard Custody & Trust Co., the multinational investment bank began offering custody services known as the “institutional level”. The financial giant and $ 12 billion at AUM have revealed this innovation will be open to managers and hedge funds.

Solomon, CEO of Cowen-Jeffery, announced the bank’s decision: “We will soon be helping even more customers in the company to overcome the challenges and start trading digital assets.

BNY Mellon, the old American bank, announced earlier this year that it would offer cryptocurrency services to its customers.

The New York-based organization stated that it will issue, hold and transfer BTC and other cryptocurrencies in honor of its customers in the institution.

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