Upbit Operator Dunamu Rolls Out Cold Wallet Custody for Institutions

Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, has unveiled a new custody service aimed at corporate and institutional clients, as regulatory green lights for virtual asset investments spark growing demand for secure storage solutions.

Key Takeaways:

• Upbit’s new custody service stores 100% of client assets in offline cold wallets.
• Institutional clients can customize wallets for better asset management, accounting, and audit readiness.
• Dunamu has also partnered with Vietnam’s MB Bank to launch the country’s first crypto exchange.

The service stores all deposited digital assets in cold wallets, entirely offline and insulated from internet-based threats, to shield holdings from cyberattacks and other external breaches, according to a Thursday report by The Korea Times.

To address internal security risks, Upbit employs multi-party computation and distributed key generation, ensuring no single key leak can compromise client funds.

Institutions can customize wallet setups by asset type and purpose, enabling more structured asset management, streamlined accounting, and improved audit readiness.

Role-based access controls and approval workflows further align the service with corporate governance and internal control standards.

The custody platform also integrates advanced anti-money laundering and fraud detection tools to monitor transactions in real time and flag suspicious flows.

“In virtual asset custody, the key is ensuring accountability, technical stability, and procedural transparency,” an Upbit spokesperson told The Korea Times, highlighting that the platform’s security measures are designed to prevent both internal mishandling and external breaches.

The official added that Upbit Custody meets legal compliance standards and incorporates robust internal controls and audit systems, positioning it to deliver services in line with global institutional requirements.

As reported, Dunamu has signed a memorandum of understanding with Vietnam’s Military Bank (MB Bank) to launch the country’s first cryptocurrency exchange.

The deal, finalized on Tuesday, marks a major milestone for Vietnam’s digital asset market following its recent legalization of crypto. Dunamu will provide its Korean exchange model and technology for the initiative.

As part of the partnership, Dunamu will advise MB Bank on regulatory compliance, investor protection, and talent development.

“MB and Upbit will work together as trusted partners to advance Vietnam’s digital finance market,” said MB Bank Chair Luu Trung Thai.

Vietnam’s crypto sector gained clarity in June with the passage of the Law on Digital Technology Industry, which defines and regulates digital assets. The move followed years of uncertainty and Financial Action Task Force scrutiny over weak anti-money laundering controls.

As reported, South Korea’s Financial Services Commission (FSC) has presented a roadmap to the Presidential Committee on Policy Planning proposing the approval of spot crypto ETFs.

The move came after President Lee Jae-myung’s campaign promise to modernize digital asset rules and boost opportunities for younger investors.

South Korea’s FSC has submitted a roadmap outlining a potential framework to approve spot cryptocurrency ETFs.#SouthKorea #ETFshttps://t.co/A0gQDo2y0V

The plan outlines implementation measures for spot crypto ETFs and regulatory frameworks for won-based stablecoins in the second half of 2025.

Historically, the FSC blocked crypto ETFs over volatility and financial risk concerns, maintaining that cryptocurrencies were unsuitable as underlying assets.

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