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Hana Bank joined forces with BitGo to enter the digital asset custody business. Together, the two companies are planning to establish a joint cryptocurrency custody venture in 2024, most likely in the latter half of that year.
According to The Korea Economic Daily, Hana Bank and BitGo signed a contract to start their cooperation on security solutions, technology development, and other possible joint ventures for related businesses. On Tuesday, Sept. 5, the South Korean bank confirmed that it has agreed to a strategic business arrangement with the Palo Alto-headquartered digital asset custody and security company.
Hana Bank and BitGo also attended the Korea Blockchain Week that is currently being held in Seoul. They were present at the opening conference that took place at The Shilla Seoul on Tuesday. The firms revealed their partnership at the event and shared that their alliance in the DAC space is in line with BitGo's business launching in South Korea.
"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 the Korean bank said in a statement.
CoinTelegraph further quoted a Hana Bank official as saying, “By promoting digital asset custody business together with global partners, we expect to contribute to strengthening trust in the domestic digital asset market and consumer protection.”
BitGo’s chief executive officer, Mike Belshe, further commented that they will be focusing on their own company’s capabilities of improving transparency and security within the digital asset or crypto industry in South Korea. Meanwhile, aside from their joint crypto custody JV next year, the partners will also engage in other collaborations, including joint equity investment for JVs in the field of financial and security services.
BitGo was established in 2013, and it can be trusted since it earned accreditation from different regulators worldwide, including the United States, Germany, and Switzerland. It is currently serving about 1,500 companies in about 50 countries.
Photo by: Art Rachen/Unsplash
