Copy link
Increase text size
Decrease text size
Link copied

South Korea’s top banks plan to offer cryptocurrency custodial services

Four of Korea's five largest banks will soon be offering crypto custodial services.

Fri, 14 Aug 2020, 12:20 pm UTC

Cryptocurrency has finally made its way into the financial system as more banks are now offering crypto services to their clients. The latest banks to join the trend are Woori and Shinhan Banks, two of South Korea’s largest financial institutions, have recently announced their plans to provide cryptocurrency custodial services to their customers.

South Korea’s Woori and Shinhan banks recently announced plans to offer “crypto-asset services” to their clients. Specifically, the two banking giants will introduce offer Bitcoin (BTC) custody services, according to

Shinhan and Woori Bank’s announcements came after the amendments were made to the Special Financial Transactions Information Act. The policy changes, which will take into effect next year, will govern how cryptocurrency will be integrated into the financial system.

The two banks’ announcement follows the announcements of two other South Korean banks to offer similar services. Previously, Kookmin Bank also made an announcement that it will soon be offering Bitcoin custodial services.

Kookmin Bank (KB), the largest commercial bank in South Korea, has already filed with the Korean Intellectual Property Offer its trademark application for digital assets custody. The bank entered into a deal with crypto exchange Cumberland Korea and blockchain venture fund Hashed for the crypto service.

“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation,” Hashed CEO Simon Kim said.

With the recent announcements by Shinhan and Woori, four of South Korea’s top five largest banks will soon be offering crypto services to their respective clientele. In July, Nonghyup Bank also announced plans to introduce a similar service to its corporate investors. The combined assets of the four banks- Shinhan, Woori, Kookmin, and Nonghyup – is estimated to be worth around $1.2 trillion.

This could put pressure on other lenders to offer similar services in the future. South Korean is known as one of the top countries with the highest rate of cryptocurrency usage.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,683.40 (-0.33%)
  • Ethereum (ETH) $353.18 (+0.58%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $219.17 (+1.97%)
  • Binance Coin (BNB) $26.20 (+3.94%)
  • Bitcoin (BTC) $10,683.40 (-0.33%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.