BitGo, a global leader in digital asset custody, has joined forces with South Korea’s Hana Bank to launch digital asset custody (DAC) services. Targeting the second half of 2024 for the rollout, the partnership aims to navigate South Korea’s rapidly evolving crypto regulatory landscape.
BitGo recently closed a Series C financing round, securing $100 million and achieving a valuation of $1.75 billion. Hana Bank and BitGo are also considering a potential joint venture that will capitalize on Hana Bank’s financial expertise and compliance prowess, coupled with BitGo’s mastery of crypto security.
The announcement came amid Korea Blockchain Week and signifies a significant step in the nation’s crypto strategy. “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,” said a source from Hana Bank to the Korea Economic Daily.
South Korea has been proactive in legislating its crypto sector. Lawmakers recently passed 19 crypto-related bills, authorizing the Financial Services Commission and the Bank of Korea to supervise crypto operators and asset custodians. Furthermore, the legislation equips authorities with the power to penalize unfair virtual asset trading practices.
Under this emerging regulatory framework, Hana Bank and BitGo aim to enhance trust and consumer protection in South Korea’s burgeoning digital asset market. This endeavor is not limited to domestic boundaries, as BitGo has global expansion on its agenda. The company plans to set up an office in South Korea next year, adhering to all local compliance requirements.
Founded in 2013, BitGo has been a pivotal player in digital financial infrastructure. The company has earned accreditations from regulatory bodies in the United States, Switzerland, and Germany, offering a range of services, including wallet solutions, custody services, staking, and trading. Serving approximately 1,500 organizations across 50 countries, BitGo stands as a global trust company.
As for Hana Bank, it brings extensive financial expertise and a solid grasp of compliance norms to the table. This collaborative move with BitGo aligns with the bank’s vision to diversify its offerings and tap into the growing popularity of digital assets.
The alliance between BitGo and Hana Bank is poised to make waves in the digital asset market, both in South Korea and globally. By leveraging each other’s strengths, the two entities hope to fortify consumer trust and safety in digital assets, effectively changing the crypto management and custody game.
