Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Upbit introduces crypto custody service for corporate clients
Upbit headquarters in Seoul / Newsis
By Lee Yeon-woo
Dunamu, operator of Korea's largest cryptocurrency exchange Upbit, said Thursday that it has launched a custody service for corporate and institutional clients.
With corporate investment in virtual assets gradually gaining regulatory approval, demand for secure storage and management is expected to rise. Upbit is proactively addressing this demand with its new service.
The exchange said its custody service stores 100 percent of all deposited virtual assets in cold wallets, which are completely disconnected from the internet, effectively blocking threats such as cyberattacks and other external intrusions.
To eliminate the risk of incidents caused by a single key being leaked, Upbit has adopted a multi-management system using technologies such as multi-party computation and distributed key generation.
The service also offers a customization option, allowing wallets to be separated and managed based on type of asset and its intended use. This enables corporations and institutions to manage their virtual assets more systematically, improving accounting efficiency and audit readiness.
In addition, role-based access controls and an approval workflow help meet internal control requirements for corporations and institutions. The service is also equipped with advanced anti-money laundering and fraud detection systems to monitor illicit fund flows in real time.
"In virtual asset custody, the key is ensuring accountability, technical stability and procedural transparency," an Upbit official said. "Upbit Custody possesses world-class security capabilities that thoroughly prevent both internal incidents and external threats."
The official added, "Through Upbit Custody, which meets legal standards and has established internal controls and audit response systems, we aim to offer custody services that comply with global standards."