Upbit Launches Virtual Asset Custody Service 'Upbit Custody'

Dunamu, the operator of the virtual asset exchange Upbit, announced on August 14 that it will launch a virtual asset custody service called 'Upbit Custody.'

Upbit Custody is a virtual asset custody service designed exclusively for corporations and institutions, built upon the custody technology and infrastructure that Upbit has accumulated over many years of operating its exchange.

As corporate investments in virtual assets are being gradually permitted, demand for secure storage and management of virtual assets is expected to increase. In response, Upbit plans to actively address this demand by offering Upbit Custody, a service that provides world-class security and user convenience.

Upbit Custody stores 100% of all customer-entrusted virtual assets in cold wallets that are completely separated from the internet, thereby blocking threats from hacking and other external intrusions. In addition, the service adopts a multi-management system using MPC (Multi-Party Computation) and DKG (Distributed Key Generation), fundamentally eliminating the risk of incidents caused by the leakage of a single key.

Upbit Custody also provides a customizable wallet configuration feature that allows clients to manage wallets separately according to asset type and usage purpose. Through this, corporations and institutions can manage their virtual assets more systematically, ensuring efficient accounting processes, transparent asset operations, and effective response to internal audits.

Furthermore, the service meets internal control requirements for corporations and institutions through role-based authority separation and approval structures. It also features advanced Anti-Money Laundering (AML) and Fraud Detection System (FDS) capabilities to monitor illegal fund flows in real time. In addition, a whitelist-based withdrawal system compliant with the Travel Rule is implemented to proactively block suspicious transactions and security threats.

An Upbit representative stated, "Responsibility, technical stability, and procedural transparency are the core elements of virtual asset custody," adding, "Upbit Custody is equipped with world-class, robust security capabilities that thoroughly prevent both internal incidents and external threats." He continued, "By meeting legal standards and establishing systems for internal control and audit response, Upbit Custody will deliver a custody service that aligns with global standards."

Meanwhile, Upbit Custody is available to corporations and institutions that have completed the KYC (Know Your Customer) process and can be applied for through the Upbit Custody webpage.

This content was produced with the assistance of AI translation services.