South Korean Hana Bank is stepping its foot in the crypto world.
KEB Hana Bank, one of South Korea's leading financial institutions, has recently announced a strategic partnership with BitGo Trust Company, a significant player in the cryptocurrency custody arena.
According to the news report shared by local news portal Yonhap, the collaboration aims to introduce crypto custody services in South Korea, reinforcing the financial industry's trust in digital assets.
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Hana Bank, boasting a network of 111 branches and nearly $10 billion in local banking assets, revealed the collaboration during Korea Blockchain Week on September 5th. The venture seeks to combine BitGo's proven digital asset solutions with Hana Bank's extensive financial services and compliance know-how.
Mike Belshe, the CEO of BitGo, emphasized the company's commitment to enhancing transparency and security in South Korea's burgeoning digital asset market.
By partnering with Hana Bank, we will focus all our capabilities on enhancing transparency and safety of the Korean digital asset industry as a whole.
According to sources, the collaboration is slated for launch in the latter half of 2024.
This initiative isn't Hana Bank's first foray into the digital currency space. The bank has previously shown interest in exploring alternative financial innovations, such as tokenized deposit technology.
This strategic partnership between Hana Bank and BitGo underscores the increasing institutional interest in providing secure and regulated digital asset services. As the joint venture prepares for its 2024 launch, it serves as a testament to the evolving synergy between traditional finance and digital assets.
In other South Korea-related news, the country's government is preparing a bill allowing it to track and freeze illicit crypto funds used by North Korea to purchase weapons.
