BitGo Korea Partners With South Korean Giants SK and Hana

Key points:

• Digital assets custody firm BitGo announced that SK Telecom and Hana Financial have become the major shareholders in its South Korean arm.
• The three companies aim to spearhead the institutionalization of crypto in South Korea.

BitGo Korea partners with SK Telecom and Hana Financial, securing significant stakes in expanding in South Korea and driving institutional crypto adoption.

BitGo Korea Secures Strategic Partners

Global digital asset custody firm BitGo has strengthened its presence in South Korea by adding SK Telecom and Hana Financial as major shareholders and strategic partners in its regional arm, BitGo Korea. At Korea Blockchain Week 2024, BitGo CEO Mike Belshe announced that Hana Financial had acquired a 25% stake, while SK Telecom holds a 10% stake.

The partnership is part of a broader effort to expand BitGo’s footprint in the local market and support the institutionalization of cryptocurrencies in South Korea. BitGo initially partnered with Hana Bank last September to establish BitGo Korea.

Read more: Bitgo BiT Global Venture Established To Enhance The Custody Of $95 Billion WBTC

BitGo Plans for Local Market Expansion

Hana Financial has pledged to advance the local cryptocurrency sector by providing trusted cryptocurrency custody services through its partnership with BitGo Korea. Meanwhile, SK Telecom will leverage its expertise in user authentication, security, and identity verification to enhance the accessibility and security of BitGo services for customers. BitGo Korea is also preparing to apply for a license to become a virtual asset service provider in Korea.

BitGo, which currently has around $70 billion in assets under custody, noted that around 20% of bitcoin traded on-chain is traded through its infrastructure. The partnership marks a significant step in expanding BitGo Korea’s influence and accelerating the growth of institutional cryptocurrency adoption in Korea.