Another Large Bank in South Korea to Provide Custody of Crypto Assets

Woori Financial Group, one of South Korea’s largest banking companies, is getting into digital asset custody.

According to a report in The Korea Economic Daily, the bank is setting up a custody joint venture with Coinplug, one of the earliest bitcoin exchanges in South Korea and a blockchain financial services provider.

Coinplug will be the largest shareholder in the joint venture with Woori Bank, which will be the second-largest shareholder, the report said. Custody allows Korean firms to invest in crypto without having to touch the asset themselves.

Woori follows other Korean banks including KB Kookmin and Nonghyup Bank into the crypto custody space as South Korean lawmakers draft crypto legislation and the country’s Financial Services Commission implements anti-money laundering safeguards.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nate DiCamillo

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.