Hana Bank And BitGo To Boost Presence In Digital Assets In H2 2024
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Hana Bank, one of the leading commercial banks in South Korea, has entered a strategic partnership deal with BitGo. The partnership seeks to launch digital asset custody services during the second half of 2024.
BitGo is among the most popular crypto custody firms in the industry. The partnership will benefit the two firms, with the main objective being to boost confidence and protect consumers in the South Korean digital asset space.
The partnership was confirmed during the Korea Blockchain Week held in Seoul. It marks yet another effort by the South Korean industry to expand its presence in the digital asset industry.
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Hana Bank And BitGo To Boost Presence In Digital Assets
Hana Bank and BitGo will work on investigating the likelihood of creating a joint venture. This joint venture will combine the expertise of Hana Bank in the financial service industry and experience in compliance with the competence that BitGo has in crypto security.
The goal behind this joint venture is to boost confidence and protect consumers across the fast-changing digital asset industry in South Korea.
The partnership is also part of BitGo’s strategy to achieve global expansion. The company said it would expand its services globally after closing a $100 million Series C funding round.
The funds raised in the funding round went towards strategic acquisitions and the company’s international expansion. The crypto custody firm also plans to set up an office in South Korea, with this launch slated for late 2024 after it meets all the compliance requirements.
Hana Bank Has A Vast Global Presence
The Hana Financial Group has been working on expanding its presence geographically and operational-wise. In 2012, the institution purchased the Korea Exchange Bank, with the two companies merging to form KEB Bank in 2015.
KEB Bank was initially involved in the cryptocurrency and Web3 industry. The bank opened a branch on The Sandbox metaverse in July last year. The offering sought to bolster its presence across the Web3 industry.
The bank’s expansion in digital assets comes as South Korea actively implements regulations for the crypto and broader digital asset industry.
In a recent legislation, the bank said it would freeze and seize digital assets stolen by hackers based in North Korea. The bank also plans to set up reserve requirements for cryptocurrency exchanges and pass an unfair trading bill for cryptocurrencies.
Hana Bank Eyes Expansion Into Hong Kong
In February 2020, Hana Bank announced the launch of its global mobile banking service in Hong Kong. The offering made the bank one of the first lenders in South Korea to offer this service in the global financial hub.
The Global 1Q app will be available in Hong Kong, and it will also be available in Canada, China, Japan, Indonesia, Brazil, Panama, and Vietnam. The app will recognize a user’s current location while allowing access by signing in. It also provides a mobile one-time password solution, resolving battery discharge issues.
