South Korea’s Hana bank partners with BitGo on digital asset services

KEB Hana Bank, one of South Korea’s largest financial institutions, will offer digital asset custody services from the latter half of 2024. The bank, which has total assets of US$448 billion, made the announcement Tuesday at Korea Blockchain Week in Seoul. It will partner with digital asset custody custody provider BitGo Trust Company on the project.

See related article: Why Asia will emerge as the global hub for Web3 gaming: Opinion

Fast facts

• Hana’s new digital asset custody services will operate using BitGo’s blockchain security technology. The two companies did not provide any further information on the services the partnership will provide.
• “The partnership is expected to be an important turning point in raising the standards of the domestic digital asset market to a global level and encouraging institutional participation in the market,” the joint press release from Hana and BitGo said.
• Hana is one of South Korea’s top five banking institutions, having earned a net profit of over 3.16 trillion Korean won (US$2.4 billion) last year.
• Digital asset custodian BitGo has clients, including Nike, in over 50 countries. The California-based company said in the press release that it has decided to expand in South Korea given the country’s favorable regulatory environment.
• BitGo is also launching an office in South Korea in the latter half of 2024, after preparing the necessary licenses under local regulations. Last month, the company completed a US$100 million Series C funding round, with its valuation standing at US$1.75 billion. 
• In July, South Korea’s Financial Services Commission announced that it will push to amend the electronic securities laws to include blockchain-powered security tokens within its regulatory framework.

See related article: South Korea issues guideline on cryptocurrencies as securities tokens ahead of planned legalization

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://forkast.news/headlines/south-koreas-hana-bank-bitgo/