A groundbreaking collaboration between a regulated digital asset custodian and a commercial banking giant.
- Collaborating on innovative ventures in digital assets
- Partnership in advancing banking support and digital asset custody
- Developing domestic and global leadership in digital asset financial services
Seoul, South Korea (On December 30, 2024): BDACS, South Korea’s leading digital asset custodian, and Woori Bank, one of the nation’s largest and most influential commercial banks, have signed a historic Memorandum of Understanding (MOU) to revolutionize the support for digital assets in Korea. This marks the first-ever partnership between a regulated digital asset custodian and a major domestic commercial bank.
This trailblazing collaboration unites the expertise and resources of two industry leaders to unlock new opportunities in blockchain and digital asset finance. Together, BDACS and Woori Bank aim to set a new benchmark for digital asset innovation, setting a new standard
in digital asset innovation and blockchain-driven financial services in Korea.
Key Objectives of the MOU:
Spearheading joint ventures in the digital asset market.
Developing advanced blockchain infrastructure and secure custody solutions.
Drive innovation in digital asset financial services through shared expertise.
Woori Bank will also become a strategic investor in BDACS, strengthening the relationship and signaling a long-term commitment to revolutionizing digital asset finance in Korea and beyond.
“Through our collaboration with BDACS, we aim to create groundbreaking financial services in the digital asset market and deliver innovative, customer-centric solutions,” said Il-Jin Oak, Vice President of Woori Bank’s Digital/IT Unit. “We are excited to explore new opportunities with BDACS and shape the future of digital asset finance.”
The digital asset sector, powered by blockchain technology – a cornerstone of Web 3.0 – is gaining significant traction worldwide. The re-election of former U.S. President Donald Trump has reignited interest in South Korea in the potential of digital assets, including corporate blockchain transactions, spot ETFs, and security tokens. Following the entry of KB Bank, Shinhan Bank, and Hana Bank into the digital asset custody space, the partnership between BDACS and Woori Bank underscores the sector’s growing momentum.
“BDACS is dedicated to providing secure and reliable custody services for all digital assets, from cryptocurrencies to NFTs and security tokens,” said Harry Ryoo, CEO of BDACS, during the signing ceremony. “This collaboration with Woori Bank represents a significant step towards building next-generation financial services and meeting the needs of a rapidly evolving market with growing institutional adoption.”
BDACS, a trailblazer in the digital asset industry, has achieved key milestones, including ISMS certification and a VASP license. With global partnerships, such as those with Avalanche and Polymesh, BDACS is driving advancements in tokenized securities and RWA issuance.
As regulatory frameworks and industry trends continue to evolve, the partnership between BDACS and Woori Bank is expected to catalyze transformative changes in Korea’s digital asset ecosystem, attracting significant attention from both domestic and international market participants. Together, the two organizations are shaping the future of digital asset finance in Korea and setting the stage for global leadership in this rapidly advancing field in Korea and regionally.
About BDACS
BDACS is a leading regulated digital asset custodian in Korea built for institutions, delivering a wide-ranging suite of digital asset custody services, emphasizing secure, regulated solutions for custody, trade settlement, and extensive market access in Korea and globally.
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nnnFrequently Asked Questions (FAQ)
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- What is the partnership between BDACS and Woori Bank? n
- BDACS, South Korea's leading digital asset custodian, and Woori Bank, one of Korea's largest commercial banks, signed a historic MOU in December 2024 to collaborate on digital asset innovation, blockchain technology, and custody services. n
- Did Woori Bank invest in BDACS? n
- Yes, alongside the MOU, Woori Bank acquired equity in BDACS, establishing a strategic investment relationship beyond a simple cooperation agreement. n
- What areas will BDACS and Woori Bank collaborate on? n
- The partnership covers joint business development in digital assets, blockchain technology knowledge sharing, and business collaboration in the virtual asset custody market. n
- Why is this partnership significant for Korea's digital asset market? n
- This marks the first-ever partnership between a regulated digital asset custodian and a major Korean commercial bank, signaling the convergence of traditional finance and digital assets. n
- What is BDACS? n
- BDACS is South Korea's leading digital asset custody specialist, providing secure custody services for institutional investors and corporate clients as a registered VASP (Virtual Asset Service Provider). n
