Business News Report
September 05, 2023

BitGo Teams Up with South Korea’s Hana Bank, Aims Global Growth

In Brief

Hana Bank and BitGo join forces to introduce digital asset custody services in South Korea in 2024, with a focus on navigating the evolving crypto regulatory landscape and enhancing consumer protection.

The partnership also explores the potential for a joint venture, combining Hana Bank’s financial expertise and compliance knowledge with BitGo’s crypto security proficiency.

This move aligns with South Korea’s recent legislation granting authority to regulatory bodies for overseeing crypto operations and asset custodians, as well as imposing penalties for unfair virtual asset trading.

BitGo plans global expansion, intending to establish an office in South Korea in the coming year.

Hana Bank and BitGo Pave the Way for South Korea's Crypto Custody Services

South Korea’s Hana Bank has teamed up with BitGo, a crypto custody expert, to introduce digital asset custody (DAC) services in the second half of 2024. Both entities aim to navigate the evolving crypto regulatory landscape in South Korea.

The announcement came during Korea Blockchain Wee and was followed by BitGo’s recent $100 million Series C financing round and a valuation of $1.75 billion. 

Furthermore, this partnership aims to explore a potential joint venture, harnessing Hana Bank’s financial expertise and compliance knowledge, along with BitGo’s crypto security proficiency.

“We expect to contribute to raising trust and consumer protection on the domestic digital asset market by promoting the DAC sector with our global partners,” a source from Hana Bank told the Korea Economic Daily.

As South Korea strengthens its crypto regulatory framework, the partnership aims to boost trust and enhance consumer protection within the domestic digital asset market. 

The nation’s lawmakers recently passed legislation comprising 19 crypto-related bills, granting authority to the Financial Services Commission and the Bank of Korea to oversee crypto operators and asset custodians. Also, the legislation empowers authorities to impose penalties for unfair virtual asset trading.

BitGo is also gearing up for global expansion. The company intends to establish an office in South Korea in the coming year, subject to local compliance requirements.

Established in 2013, BitGo offers digital financial infrastructure, including wallet solutions, custody services, staking, and trading. With accreditation from regulatory bodies in the United States, Switzerland, and Germany, this trust company caters to approximately 1,500 organizations across 50 nations.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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