The Korean Economic Daily report states that Woori Bank is the next Bank in South Korea to join the DACS market. The institution joined Coinplug Inc, a Bitcoin-focused fintech provider, to establish a joint venture (JV).
The project name is D-Custody and will be integrated by early next week. The ownership agreement is that Woori Bank will contribute less while Coinplug becomes the key shareholder.
An official from the Woori Bank commented that digital asset custody had recorded more success among the recent services rendered by Banks in the overseas market.
For instance, KB Kookmin Bank, the present biggest South Bank, has joined the Digital Assets Custody Services (DACS) market. The bank entered DACS towards the end of 2020 by forming KODA (Korea Digital Asset Co).
Shinhan Bank also adopted the same idea early this year and became Korea Digital Asset Custody Co (KDAC) strategic investor.
Major banks in the US- the largest economy has also started rendering cryptocurrency custodian services, as reported recently. Cowen Inc is now marked as one of these major banks to join the trending offer.
In collaboration with Standard Custody & Trust Co., the multinational investment bank has started providing custody services called “institutional-grade.” The financial giant and $12B in AUM revealed that this innovation would be available for managers and hedge funds.
The CEO of Cowen-Jeffery Solomon reveals the decision of the Bank ‘ In no distant time, we will assist a lot more of our clients in the institution to overcome the challenges and start digital asset trading. The demand is here.