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Woori Financial To Provide Crypto Custody Services

 


According to the latest crypto news report, Woori Financial, the South Korean bank has come up with the decision to provide cryptocurrency custody services. There will be a joint partnership between it and the blockchain-based firm, Coinplug. This amalgamation indicates the advent of the 3rd bank in the market after the other two South Korean banks, Shinhan and KB Kookmin. 


Crypto Custody Services By Woori Financial


Woori Financial comes among the major banks from South Korea. Currently, this Korean bank announced launching the crypto custody services. According to a report from the Korean media, Woori Financial will soon partner with a blockchain-based development company, Coinplug. This blockchain company comprises more than 200 patents of blockchain. 


Even though people in South Korea have admired cryptocurrency, still, the regulatory rule prohibits them to put trust upon the cryptocurrency exchanges in terms of custody. It has ignited interest among the banks to take an initiative step by introducing digital currencies into the custody. But from the legal stance, these banks are not authorized to provide crypto custody services freely. A joint venture is needed to make an entry into the market. 


Explore more other topics like Bitcoin millionaire stories on Cryptoknowmics. 



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