South Korean Bank Woori Financial offers crypto storage services

One of South Korea’s largest financial conglomerates, woori financial Group, will offer cryptocurrency storage services. The bank will develop a joint venture with Coinplug, a blockchain-based development company. This Holding is the Third Bank to market in the country, after KB Kookmin Bank and Shinhan Bank.

Woori Financial develops a joint venture offering storage services
One of South Korea’s largest banks, Financial Group Woori, will soon serve to store cryptocurrencies. According to Korea Economic Daily reports, Woori will be a joint venture with Coinplug, a company to develop blockchain solutions with more than 300 patents for Blockchain.

While South Koreans have traditionally been drawn to cryptocurrencies, their regulatory framework prohibits them from relying on exchanges for secure storage. This has increased banks ‘ interest in expanding and incorporating cryptocurrencies into their services. From a legal perspective, however, banks cannot offer these services on their own and must enter the Sunday market through joint ventures.

However, banks are well positioned to be the main crypto protection providers in the country. Banking institutions in the country are generally well-trusted, and crypto is a well-established industry. The Vouri official said::

Dec Sundays, digital asset storage has become a successful and well-established practice among the new services offered by banks.

Banks offer crypto storage as a new source of revenue
With Vouri’s move, three major banks in the country now offer services to store cryptocurrencies. KB Kookmin Bank, the country’s largest banking company, is the first to enter the market. The Company, Korea Digital Asset Co. he founded the joint venture. In November 2020. (Code), with other blockchain-related companies.

The second Korean bank to dip its feet in the new territory was Shinhan Bank. This year Shinhan Bank formed a joint venture with Korbit to offer its own storage services, California

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