BitGo And Hana Bank Partner Up To Introduce Digital Asset Services

KEB Hana Bank, one of the major financial institutions in South Korea with a total asset portfolio valued at $448 billion, unveiled plans during Korea Blockchain Week in Seoul to introduce digital asset custody services starting in the latter part of 2024.

This initiative will involve a collaboration with BitGo Trust Company, a reputable provider of digital asset custody solutions. The forthcoming digital asset custody services would also rely on the blockchain security technology provided by BitGo. However, specific details about the services offered under this partnership were not disclosed.

In a joint press release issued by Hana Bank and BitGo, it was emphasized that this partnership is anticipated to serve as a significant milestone in elevating the standards of the domestic digital asset market to an international level while encouraging greater participation by institutional investors.

Hana Bank is ranked among the top 5 banking institutions in the country, and it reported a net profit of over $2.4 billion USD in the previous year. BitGo, a digital asset custodian with a global presence spanning across 50 countries, cited the local regulatory environment as a primary reason for expanding its operations in South Korea.

Additionally, the company intends to establish an office in South Korea in the latter half of 2024, following the acquisition of necessary licenses in compliance with local regulations. BitGo also recently concluded a Series C funding round, securing $100 million in investment and achieving a valuation of $1.75 billion.

Furthermore, in July, the Financial Services Commission of South Korea announced its intention to amend electronic securities laws to incorporate blockchain powered security tokens within its regulatory framework.