December 5, 2022

South Korean banks start providing digital asset storage services

South Korean banks make a bet on cryptocurrency, entering the digital asset storage services market.

Woori Financial Group steel the third largest banking group of the country, which entered the market of services for the storage of digital assets owned by KB Financial Group and Shinhan Financial Group, jointly with The Korea Economic Dail.

It is common that the banking divisionthe financial group Woori Bank reached an agreement on the creation of a joint venture in the field of storage of digital assets under the name D-Custod with a coin-operated smart lock It is expected that the joint venture will be registered already next week.

Although banks are highly reliable keepersthe money supply system, acting under the law, prohibits them from directly entering the digital asset storage service, so these institutions create

The number of Korean companies investing inCrypto-assets for the purpose of investment and diversification, warms up the demand for services for the storage of digital assets. Companies and organizations want their cryptocurrencies to be held responsibly.

The presenter of the bank sector announced that he was expecting the growth of the digital currency storage market, since the background of this global cryptocurrency is

“In the future, the need for more safe storagecustomer digital assets will grow. Bankam takzhe neobxodimo vnimatelno cledit za d.pugoy cfepami bizneca, cvyazannymi c kpiptovalyutoy, dazhe if ye they not mogut uchactvovat to nix nappyamuyu from behind negativnogo otnosheniya nadzopnyx opganov to invectitsiyam in kpiptovalyutu "- pepedaot clova ppedctavitelya The Korea Times.

In November, the largest bank in the country KB Kookmin Bankentered the digital asset storage services market, founded by Korea Digital Asset Co. (KODA) in a partnership with a blockchain-oriented Hashed venture fund and a blockchain firm Haechi Labs.

Also at the beginning of this year, the market rushed to come outShinhan Bank, having invested in Korea Digital Asset Custody Co. (KDAC), based on the Korbit bitrate. On July 8, NH Bank also announced plans to launch its own crypto-asset business together with Korea Information and Communications Co., as well as a blockchain startup by Hexlant Inc.