Hana Bank, a prominent South Korean commercial institution, has announced a strategic partnership with BitGo, a well-established crypto custody firm with a decade of experience. The collaboration aims to enhance the bank’s digital asset custody services, set to launch in the second half of the upcoming year, as reported by Forkast.
Hana Bank and BitGo Join Hands, Paving the Way for Global Expansion
This significant partnership was unveiled during Korea Blockchain Week in Seoul, as reported by the Korea Economic Daily. As part of this collaboration, Hana Bank and BitGo are exploring the potential establishment of a joint venture. This venture would leverage Hana Bank’s extensive experience in financial services and compliance alongside BitGo’s expertise in crypto security. A representative from Hana Bank expressed the hope that this partnership would bolster trust and contribute to consumer protection within the domestic digital asset market.
BitGo’s decision to partner with Hana Bank aligns with its global expansion strategy, which gained momentum after the company secured $100 million in Series C financing, valuing it at $1.75 billion the previous month. The funds raised are earmarked for strategic acquisitions and expanding the company’s global footprint, as previously reported by The Block.
Forkast reports that BitGo intends to establish an office in South Korea late next year, pending the completion of the necessary regulatory paperwork for local compliance.
In June, South Korean legislators passed a series of bills designed to enhance the protection of crypto investors. This comprehensive legislation, comprising 19 crypto-related bills, grants oversight authority to the Financial Services Commission and the Bank of Korea over crypto operators and asset custodians. It also empowers authorities to impose penalties in cases of unfair trading involving virtual assets.
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