As per the report, South Korea’s leading commercial bank, Hana Bank, has partnered with BitGo to offer the banks’ digital asset custody services, starting in the latter half of next year after preparing the necessary licenses under local regulations.
Both companies announced this partnership at the Korea Blockchain Week conference held in Seoul. Under the terms of this agreement, the two parties intend to form a strategic partnership and collaborate to launch a Korean corporation for BitGo while Hana also entering the digital asset custody market.
Notably, the partnership will allow the use of BitGo’s security solutions and technology for digital asset custody. Hana Bank will contribute its expertise in financial services, security measures, and compliance capabilities.
A Hana Bank official said, “We are expected to contribute to strengthening trust and consumer protection in the domestic digital asset market by promoting digital asset custody business together with global partners.”
The press release from Hana and BitGo said, “The partnership is expected to be an important turning point in raising the standards of the domestic digital asset market to a global level and encouraging institutional participation in the market.”
CEO and co-founder of BitGo, Mike Belshe, further stated that his company would make use of all of its resources through this partnership to enhance the transparency and security of the South Korean digital asset market.