Woori Financial Group, one of the major banks of South Korea, has entered the crypto industry.
The bank is working on a crypto custody joint venture with Bitcoin and blockchain services company Coinplug Inc. The name of the joint venture is D-Custody, and it could be incorporated as soon as next week.
Currently, South Korean laws don’t permit banks to deal with crypto directly, which means that banks in the country have to create a joint venture with partial ownership in order to be a part of the crypto industry.
Woori Bank was created in the XIXth century and operates under this name since 2002. It is one of the four largest South Korean banks in the country.
Other banks in the country that offer crypto-asset custody are Shinhan Financial Group and KB Financial Group.