​A major bank in South Korea will create a joint venture to pr | InvestmentTradingUpdates

​A major bank in South Korea will create a joint venture to provide cryptocurrency custody services

Woori Financial Group, South Korea's fourth-largest lender by assets, has joined a growing list of organizations that have ventured into the custody of cryptocurrencies.

According to a July 11 Woori Financial Group report, the bank has partnered with local blockchain company Coinplug to create a joint venture (JV) called D-Custody. The joint venture may be registered as early as this month.

By moving to crypto custody, Woori Bank wants to take advantage of the growing demand among large South Korean companies that have access to a fast-growing asset class. Since domestic firms are prohibited from storing their cryptocurrency on exchanges, they are forced to resort to self-storage of such assets at their own peril and risk.

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