South Korean Woori Bank has entered the market for DACS. The Korean-based monetary company will begin offering bitcoin custodial services to its clients. It is one of Korea’s major banks.
To start this project, the financial organization’s banking subsidiary Woori will collaborate with a fintech, Coinplug Inc.
Woori Bank Has Embraced Cryptocurrency
According to the Korean-based newspaper Economic Daily, Woori Bank is next in line for South Korean banks to enter the DACS sector. The bank established a joint-venture with Coinplug, a BTC-based financial company.
D-Custody is the project’s name, and it will be incorporated by the upcoming week. According to the ownership arrangement, the Bank will have a less significant role, while Coinplug will become the majority stakeholder.
According to a Woori Bank executive, cryptocurrency custody has been the most successful of the current commercial banks in the foreign market. At its most basic, cryptocurrency custody enables its owners to hold bitcoins for corporations and people while they are away.
In South Korea, there is a significant interest in crypto-asset custody services. This is due to the fact that the majority of local businesses now hold and exchange various types of digital currencies.
For example, S. Korea’s largest bank, KB Kookmin, entered the DACS industry. By establishing KODA, the bank joined DACS close to 2020’s end.
Shinhan Bank followed suit early in 2021, becoming a strategic investor in KDAC.
Digital currency Custody Services Expansion
According to recent reports, large financial groups in the world’s biggest economy have begun to provide cryptocurrencies custodian services. Among them, Cowen Inc is one of the large banks that has joined the growing trend.
The international financial firm has begun offering organizational-grade custody services in partnership with Standard Custody. The financial behemoth with a $12b AUM announced that this breakthrough would be offered to hedge fund managers and institutional investors.
Cowen-Jeffery Solomon’s CEO disclosed the bank’s decision. In the near future, the company will aid a greater number of our organization’s clients in overcoming obstacles and beginning crypto asset trading.