Media Korea's Woori Bank to offer digital asset storage

One of South Korea's largest banks, Woori Bank, will partner with blockchain solutions provider and bitcoin exchange Coinplug to offer cryptocurrency storage to customers. This was reported by Korea Economic Daily.

The partner will take a majority stake in the joint venture, D-Custody. According to the publication's sources, the service will launch next week.

Woori Bank will follow rivals KB Kookmin, Shinhan Bank and Nonghyup Bank, which have previously implemented similar initiatives.

  • The move was prompted by the legalisation of cryptocurrency trading by the local parliament, as well as the Financial Services Commission's tightening of anti-money-laundering compliance controls.
  • As a reminder, South Korean banks processed ~$57.9 billion in transactions on verified accounts linked to cryptocurrency platforms in the first quarter of 2021. The value exceeded the cumulative figure for 2020.
  • In June, reported on South Korean banks' plans to evaluate the feasibility of continuing to engage with bitcoin exchanges due to local regulator claims against the latter.

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