Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank.
Woori Financial to Develop Joint Venture to Offer Custody Services
Woori Financial Group, one of the biggest banks in South Korea, will soon offer cryptocurrency custody services. According to reports from Korea Economic Daily, Woori will establish a joint venture with Coinplug, a blockchain solutions developing company with more than 300 blockchain patents.
While South Koreans have traditionally been attracted to cryptocurrency, their regulatory framework forbids them from relying on exchanges for custody. This has spurred interest from banks in stepping up and including cryptocurrency custody in their…