South Korean Woori Bank Will Offer To Its Clients the Ability to Store Digital Assets – Media
In South Korea, Woori Bank clients will soon be able to store cryptocurrency and other digital assets in their accounts.
The bank’s clients will have such an opportunity this month. According to the Korea Economic Daily, the project of setting up a digital asset custody joint venture (JV) will be carried out in cooperation with a bitcoin-based fintech solutions provider Coinplug Inc.
More and more Korean firms are showing interest in various types of cryptocurrencies for business diversification or investment purposes.
Therefore, Woori Bank did not become a pioneer in this area. For example, in November 2020, KB Kookmin Bank, together with blockchain company Haechi Labs and Hashed venture capital fund, founded Korea Digital Asset Co. And in early 2021, Shinhan Bank became a strategic investor in Korea Digital Asset Custody Co., founded by Korbit digital asset exchange.
This became to live thanks to the legalization of cryptocurrency trading by the local parliament in March 2020. But South Korea also has strict regulatory rules for the cryptocurrency industry.