Hana Bank, a major commercial bank in South Korea, has announced a strategic partnership with BitGo, a well-established crypto custody firm.
South Korean Hana Bank Will Be Partnering With BitGo
Hana Bank, a major commercial bank in South Korea, has announced a strategic partnership with BitGo, a well-established crypto custody firm, aimed at launching digital asset custody services in the second half of the upcoming year. The collaboration was unveiled during Korea Blockchain Week in Seoul.
Hana Bank and BitGo will investigate the possibility of forming a joint venture that combines Hana Bank's expertise in financial services and compliance with BitGo's competence in crypto security. The major purpose is to increase confidence and protect consumers in South Korea's fast evolving digital asset sector.
Following a successful Series C fundraising round that raised $100 million, valuing the company at $1.75 billion, BitGo's decision to collaborate with Hana Bank matches with its global expansion strategy. The funds will be used for strategic acquisitions and worldwide expansion. BitGo is preparing to open an office in South Korea, targeting late 2024, once it meets local compliance requirements.
Meanwhile, Hana Financial Group purchased Korea Exchange Bank (KEB) in 2012, and the two companies merged to form KEB Hana Bank in 2015. KEB Hana Bank was previously involved in the cryptocurrency and Web3 space, opening a branch on metaverse platform The Sandbox in July 2022.
South Korea has been actively implementing regulations to oversee the crypto and digital asset industry. Recent legislation aims to freeze and seize digital assets stolen by North Korean hackers, while also implementing reserve requirements for crypto exchanges and passing an unfair trading bill for cryptocurrencies.
