South Korea’s crypto custody ecosystem grows as Woori Financial Group inks joint venture deal

Jul 12, 2021 | The Block News | 0 comments


Woori Financial Group, one of South Korea’s largest banks, has reportedly struck a deal that will see it take part in a joint venture focused on cryptocurrency custodial services.

The Korea Economic Daily reports that Woori is pairing up with Coinplug on the joint venture. D-Custody, as the new company is called, will count Coinplug and Woori as its first and second-largest shareholders, respectively. The company has yet to be officially unveiled, per the Economic Daily.

The news follows announcements from other major South Korean banks about their own forays into the world of crypto custody. Last year, KB Kookmin partnered with Hashed and Haechi Labs to launch a digital asset custody-focused business. Shinhan Bank and NH Bank have also moved in recent months to establish services in the crypto market. 

The business moves come as South Korea’s government tightens regulations around exchange firms, including a push to prevent employees of crypto exchanges from trading on their respective platforms. These new requirements come into force in September

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from

Related Articles

Decentralized and centralized finance need to collaborate

Decentralized and centralized finance need to collaborate

CeDeFi presents a new financial system and it should be built by using the best of each other, with DeFi leading and CeFi contributing. Decentralized finance, or DeFi, has established itself as a force capable of disrupting traditional systems. While DeFi still mostly...

Pin It on Pinterest

Share This