One of South Korea’s largest banks, KEB Hana Bank, is offering digital asset custody services through a new partnership with major cryptocurrency custody firm BitGo Trust Company.
KEB Hana Bank signed a strategic business agreement with BitGo to jointly establish digital asset custody in South Korea, local news agency Yonhap reported. report. The commercial bank has a network of 111 branches, local banking assets of nearly US$10 billion, and a share capital of US$490 million.
Hana Bank representatives reportedly made the announcement at the cryptocurrency industry conference “Korea Blockchain Week” on Sept. 5.
As part of the collaboration, the parties will establish a joint venture featuring BitGo’s custody solutions and Hana Bank’s financial services and compliance expertise.
“By jointly promoting the digital asset custody business with global partners, we hope to contribute to strengthening trust and consumer protection in the domestic digital asset market,” a Hana Bank executive reportedly said.
BitGo CEO Mike Belshe noted that the company will focus on enhancing the ability to enhance transparency and security in the South Korean digital asset industry.
Hana Bank and BitGo plan According to online reports, the two parties will launch a joint cryptocurrency custody business in the second half of 2024.
related: BitGo Raises $100M After Losing Galaxy Case
Hana Bank recently expressed interest in tokenized deposit technology as an alternative to private stablecoins and central bank digital currencies.
In July 2023, the bank, along with local private banks such as Woori Bank and Maeli Business News Korean, published a report describing so-called “certificate of deposit” tokens that have the potential to replace traditional paper money and deposits without disrupting the traditional banking system.
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