Despite the increasing pressure on the cryptocurrency industry, South Korean businesses are still trying to gain a foothold in this market segment.
One of the largest financial institutions in the country, Woori Bank, announced its intention to enter the crypto sphere at the end of last week. The bank's clients will be able to use the service for storing digital currencies.
According to the Korean Economic Daily, Woori Bank will partner with a company specializing in the launch of fintech solutions. The journalists found out that Coinplug Inc. will cooperate with the bank.
The parties will create a division that will act as a cryptocurrency storage service provider. The D-Custody service will be integrated into the banking system within the next few days. Coinplug will become the main shareholder of the joint venture. Woori Bank will receive a small stake in this business.
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The bank's press center emphasized that such services for storing cryptocurrencies are very popular. Many foreign banks were able to enter the crypto sphere in time in this way and grow their client base.
A similar situation is observed in South Korea. Woori Bank was not the first banking institution in the country to express a desire to introduce a service for storing digital currencies.
At the end of last year, KB Kookmin Bank created a division of KODA (Korea Digital Asset Co), which provides customers with access to a cryptocurrency reservation platform.