Woori Bank, the South Korean financial institution, enters the DACS (cryptocurrency custody services) market.
The Woori Financial Group will start offering its client cryptocurrency custody services. It is among the largest South Korean financial institutions.
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The banking unit of the financial institution – Woori Bank will partner with the solutions provider of fintech to launch this initiative. This fintech’s solutions provider is known as Coinplug Inc.
Woori Bank Adopts Cryptocurrency
The Korean Economic Daily report states that Woori Bank is the next Bank in South Korea to join the DACS market. The institution joined Coinplug Inc, a Bitcoin-focused fintech provider, to establish a joint venture (JV).
The project name is D-Custody and will be integrated by early next week. The ownership agreement is that Woori Bank will contribute less while Coinplug becomes the key shareholder.
An official from the Woori Bank commented