According to media reports, South Korea's Woori Financial Group has become the latest major South Korean financial institution to announce its crypto custody service launch.

The bank reportedly establishes a custody joint venture called D-Custody with Coinplug, one of South Korea's first bitcoin exchanges and a provider of blockchain financial services. Coinplug will be the largest shareholder in the venture, with Woori Bank as the number two shareholder.

Existing legislation in South Korea indicates that local banks can't offer crypto exchange services unless they collaborate with crypto-related firms through joint ventures or other partnerships, which leads to most Korean banks partnering with crypto-related firms to enter the market.

As of August 2020, four of South Korea's top five banks have announced their intention to launch crypto custody services, including Kookmin Bank, Shinhan Bank, NH Nonghyup Bank, and Woori Bank.