South Korean bank to provide crypto custody services 

Woori Bank, one of the major banks in South Korea, has announced that it would enter the Digital Assets Custody Services market, also called DACS market. 

Woori Bank is a unit of Woori Financial Group, one of the biggest financial institutions in South Korea. The bank will partner with Coinplug Inc, a fintech solutions provider, to seamlessly roll out its crypto custody services. 

The partnership between the two companies was officially called “D-Custody,” and according to their agreement, Woori would have a limited contribution while Coinplug would take the role of a key shareholder. 

Big potential in digital asset custody

Woori Bank recognizes the big potential of digital asset custody since this market has been performing well and rapidly growing overseas. Thanks to the popularity of cryptocurrencies, the DACS market would surely have consistent growth in the years to come.  

Digital asset custody, at its most basic level, helps providers reserve cryptocurrencies for both companies and individuals on their behalf. 

The demand for this kind of service is increasing, not only overseas, but also in South Korea, that is why Woori Bank is in a strong position to offer this kind of service. 

Big banks have also jumped in

Before Woori Bank, some of the biggest banks in South Korea have already ventured into digital assets custody services.

KB Kookmin Bank, which is currently the biggest bank in the country, has ventured into the DACS market to tap its growing potential. Shinhan Bank has also joined the DACS market as well. 

Large banks in the U.S. such as Cowen Inc and Standard Custody & Trust Co. have also extended their presence in asset custody services to leverage its growing demand in various parts of the world. 

 

Image courtesy of Cointelegraph News/YouTube

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