The Woori bank is one of the oldest banks in South Korea. Now, the bank is taking further steps towards a digital and decentralized financial industry. Woori partners with Coinplug, a fintech company, to offer digital asset custody services to its clients.
Last year, the following banks stated to plan to launch crypto custody services:
- Kookmin Bank
- Shinhan Bank
- NH Nonghyup Bank
- Woori Bank
All of these are the largest banks in South Korea.
Woori leads institutional DeFi movement in South Korea
Now, Woori leads a new movement in South Korea: institutional DeFi.
DeFi, the highly efficient backend, will generate more yield for banks’ clients in the future. The banks, on the other hand, focus on custody and client support. The definition of institutional DeFi! Some South Korean banks are taking this step already.