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Kalkine Media ASX Share Market News & Research

South Korean Hana Bank partners with BitGo to explore crypto custody business

September 05, 2023 08:41 PM AEST | By Invezz
Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
South Korean Hana Bank partners with BitGo to explore crypto custody business
Image source: Invezz

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A leading bank in South Korea, KEB Hana Bank, plans to explore the crypto custody business following its new collaboration with BitGo Trust Company, a renowned cryptocurrency custody firm.

Established in 2013, BitGo is a well-known crypto custody firm offering services like trading, staking, custody, and wallet solutions. It offers its infrastructure to around 1,500 organizations in more than 50 countries, enjoying regulatory approval in the US, Germany, and Switzerland.

The strategic partnership will see them offering South Korean crypto custody services. The bank boasts $490 million in equity and banking assets worth approximately $10B. Local sources indicated that Hana Bank officials revealed the news during the Korean Blockchain Week conference on 5 September, held in Jangchung-dong.

BitGo and Hana Bank will launch a venture featuring the former’s custody technology in the 2024 second half. The commercial bank will provide compliance and security solutions besides financial services expertise. BitGo co-founder and CEO Mike Belsey commented,

“Through our partnership with Hana Bank, we will focus all our capabilities on improving transparency and safety across the Korean digital asset industry.”

Enhancing consumer protection

Meanwhile, Hana Bank’s executive noted that they will bolster consumer protection and trust within the domestic digital asset industry by collaborating with global entities for an improved crypto custody business.

Korean banks interested in digital asset technology

Korean banks have shown increased interest in digital asset technology lately. Woori Bank and Hana Bank revealed plans to navigate alternatives for central bank digital currencies (CBDCs) and stablecoins.

The financial institutions trust the certificate of deposit (CDs) assets might replace accustomed notes and deposits without disrupting the existing traditional banking system.

The post South Korean Hana Bank partners with BitGo to explore crypto custody business appeared first on Invezz.

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