We are proud to be part of BitColors ecosystem, a unique collection of 1000 NFT colors that you can own and trade on OpenSea. BitColors aims to create something unique in the NFT space and set an example for a new wave of collections like CryptoPunks did for avatars. Colors for our logo we took from the BitColors collection. Ownership of colors should be remarkable and unprecedented and you have a chance to buy it now. Want to follow their updates? Then subscribe to BtColors Twitter, and Discord.
Major Korean bank to launch crypto custody services
Crypto News

Major Korean bank to launch crypto custody services

Saudu Clement
Saudu Clement

One of the largest financial institutions in South Korea, Woori Financial Group, will soon start offering its customers cryptocurrency custody service through a project known as D-Custody.

The initiative was launched in collaboration with Coinplug, one of the earliest Bitcoin exchanges in South Korea and a blockchain financial services provider. While Coinplug will become the key shareholder in the ownership agreement, Woori Bank will contribute less.

Meanwhile, the project is expected to go live next week. Commenting on the move, a Woori Bank representative said:

In overseas markets, the digital asset custody has become a successful, established practice among the new services offered by the banks.

Speaking of crypto custody, several traditional financial institutions have jumped on the crypto train. For instance, in February, America’s oldest bank BNY Mellon announcedthat it was launching a new crypto custody service for Bitcoin and other cryptos.

Although South Korean regulators have been looking for a way to tax crypto transactions and clampdown on illegal transactions, the demand for digital asset custody services in the region has continued to grow. Apart from Woori, other Korean Banks like KB Kookmin and Nonghyup Bank have also entered the crypto custody space.