Woori Bank Will Enter The Cryptocurrency Market

Woori Bank will enter the cryptocurrency market. South Korea's giant bank will offer cryptocurrency custody.

Woori, one of South Korea's largest banks, has announced that it will provide custody services for cryptocurrencies and digital assets in general. According to the local media outlet The Korea Economic Daily, Woori will establish a custodian with Coinplug, one of the first cryptocurrency exchanges in South Korea, which also provides financial services on the blockchain. In the news in question, it was stated that Coinplug will become the largest shareholder in this joint venture with Woori Bank. The banking institution will be the second-largest shareholder. It was stated that this initiative will enable Korean companies to invest in cryptocurrencies without dealing with the custody side, which requires some technical knowledge and carries certain risks. Earlier in South Korea, other major banks KB Financial Group and Shinhan Financial Group announced that they were entering the cryptocurrency custody market.