Korean Second Largest KEB Hana Bank Teams Up With BitGo To Elevate South Korea’s Digital Asset Market

Key Points:

• KEB Hana Bank will offer digital asset custody services in late 2024 through the BitGo partnership.
• The collaboration aims to raise global standards in South Korea’s digital asset market.
• BitGo and Hana Bank will enhance trust and explore joint ventures in the sector.

According to Forkast, South Korea’s KEB Hana Bank, a major financial institution, has unveiled plans to offer digital asset custody services with crypto exchange BitGo starting in the latter half of 2024.

The announcement was made during Korea Blockchain Week in Seoul, where the bank revealed its strategic partnership with digital asset custody provider BitGo Trust Company.

KEB Hana Bank’s forthcoming digital asset custody services will be powered by BitGo’s advanced blockchain security technology, although specific details regarding the services offered were not disclosed in the joint press release issued by both parties.

In a statement, the collaboration was described as a pivotal moment for the South Korean digital asset market, with the potential to elevate its standards to a global level and stimulate institutional participation.

Hana Bank is among South Korea‘s top five banking institutions, reporting a net profit exceeding $2.4 billion in the previous year. The bank’s partnership with BitGo signifies a significant step toward enhancing trust and consumer protection in the domestic digital asset market.

Under the agreement, both companies will venture into the digital asset custody sector, following the exchange’s decision to establish a presence in South Korea.

They are exploring collaborative opportunities, including the potential formation of a joint venture, merging BitGo’s security solutions and DAC technology with Hana Bank’s financial services expertise.

BitGo, established in 2013, is globally recognized for its digital financial infrastructure offerings, including wallet solutions, custody, staking, and trading services. The company holds accreditation from regulators in the United States, Switzerland, and Germany, serving approximately 1,500 organizations across 50 countries.

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