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South korean Bank to enter into DACS market

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Woori Bank of Korea entered the DACS market to provide its customers with cryptocurrency storage services. It is one of the largest banks in South Korea and provides cryptocurrency custody services to its customers. The bank has partnered with Coinplug Inc. a fintech solution provider that provides services to customers.

Woori Bank, a Korean bank, is a financial institution that has entered the DACS (cryptocurrency custody service) market. Woori Financial Group will start providing cryptocurrency storage services to their customers soon.

Woori, South Korea’s largest financial institution, has partnered with Coinplug Inc., a provider of financial technology service solutions. This joint venture between the bank and the solution provider is one of the most discussed news among the banking circle. 

Adopting cryptocurrency

Woori Bank is the next bank in South Korea to join the DACS market. Coinplug, a bitcoin focused fintech provider will be associated with the working of the bank. The project signed between the two companies is named D-custody that will be integrated next week.

As part of the agreement between the two conglomerates, Coinplug will become the key shareholder and Woori Bank will contribute less. The official from the Woori Bank has informed that the digital asset custody had facts that proved it is the most successful of the services that banks have recently provided to foreign markets.

Digital asset storage service providers can deposit cryptocurrency for businesses and individuals when they are away. As the demand for digital asset custody services is increasing in South Korea, there are many local companies that own or start trading various types of virtual currencies in the country. 

For example, KB Kookmin Bank is the biggest bank in South Korea that has joined the DACS market. The bank entered KODA (Korea Digital Asset Company) by the end of 2020.

In the beginning of 2021, Shinhan Bank is the next in the league to have joined the DACS market. It is acting as the strategic advisor for the Korea Digital Asset Custody Co (KDAC). 

Extension of crypto custody services

Some of the major banks in the US, the largest economy, have also started rendering cryptocurrency custodian services, as reported recently. Cowen Inc. is one of the most important banks to join the trend. The bank cooperates with a standard custodian company; a trust company, a multinational investment bank began to provide institutional-level custody services. 

The financial giant and $12 billion AUM have announced that they will provide this innovation to managers and hedge funds. The Cowen Jeffery Solomon’s CEO informs that the decision of the bank in no distant time will help a lot more of the bank’s clients to overcome the challenges and start digital asset trading. The demand is on the rise. 

Another ancient American Bank, BNY Mellon is also planning to offer cryptocurrency-related services to its customers. The bank is based out of New York. it will issue, hold and transfer BTC and other cryptos in honour of its clients in the institution. 

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