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Another Large Bank in South Korea to Provide Custody of Crypto Assets
Woori Financial Group is joining forces with bitcoin exchange Coinplug to offer the service.
Updated Sep 14, 2021, 1:23 p.m. Published Jul 11, 2021, 9:08 p.m.
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Woori Financial Group, one of South Korea’s largest banking companies, is getting into digital asset custody.
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According to a report in The Korea Economic Daily, the bank is setting up a custody joint venture with Coinplug, one of the earliest bitcoin exchanges in South Korea and a blockchain financial services provider.
Coinplug will be the largest shareholder in the joint venture with Woori Bank, which will be the second-largest shareholder, the report said. Custody allows Korean firms to invest in crypto without having to touch the asset themselves.
Woori follows other Korean banks including KB Kookmin and Nonghyup Bank into the crypto custody space as South Korean lawmakers draft crypto legislation and the country’s Financial Services Commission implements anti-money laundering safeguards.
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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