South Korea’s Hana Bank and global crypto custody giant BitGo have announced a strategic alliance. The collaboration, set to launch in the latter half of 2024, aims to reshape South Korea’s fast-changing crypto regulations while setting a new standard for consumer trust and protection in the digital asset sector.
The partnership was unveiled during Korea Blockchain Week, signaling a monumental shift in South Korea’s approach to crypto governance. “Our collaboration with global partners like BitGo will elevate the domestic digital asset market to new heights of trust and consumer safety,” said an insider from Hana Bank, speaking to the Korea Economic Daily.
This announcement comes on the heels of BitGo’s successful Series C funding round, where the company secured $100 million, boosting its valuation to an impressive $1.75 billion. The alliance may also pave the way for a joint venture, leveraging Hana Bank’s financial acumen and regulatory compliance expertise alongside BitGo’s unparalleled crypto-security capabilities.
South Korea has been at the forefront of crypto regulation, with its lawmakers recently passing 19 bills that empower both the Financial Services Commission and the Bank of Korea to oversee crypto activities. The new laws also allow authorities to crack down on unfair trading practices in the virtual asset market.
BitGo, established in 2013, has been an influential force in shaping the digital financial infrastructure. With accreditations from regulatory bodies in the U.S., Switzerland, and Germany, BitGo offers a comprehensive suite of services, including wallet solutions, staking, and trading. The company serves around 1,500 organizations in 50 countries, solidifying its position as a global trust entity.
Hana Bank, known for its financial prowess and stringent compliance measures, sees this partnership as an opportunity to diversify its portfolio and capitalize on the surging interest in digital assets.
The collaboration is not confined to South Korea; BitGo has global ambitions and plans to establish an office in South Korea next year to comply with local regulations.
BitGo-Hana Bank alliance is set to be a game-changer in digital asset management and custody in South Korea and globally. The two organizations combine their strengths to create a safer, more trustworthy environment for digital asset consumers.