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- The equity of the commercial bank stands at $490M, with its local banking assets nearing $10B.
- Recently, Hana Bank has shown interest in tokenized deposit technology.
KEB Hana Bank, one of the largest financial institutions in South Korea, has formed a partnership with BitGo Trust Company, a prominent provider of crypto custody services, to initiate custody offerings.
According to Yonhap, a South Korean news outlet, KEB Hana Bank and BitGo have established a strategic business agreement aimed at enhancing digital asset custody in South Korea collaboratively. The commercial bank’s equity is $490M, and it possesses local banking assets totaling nearly $10 billion across 111 branches.
Enhancing Adoption in South Korea
On September 5, during Korea Blockchain Week, a conference dedicated to the crypto industry, executives from Hana Bank reportedly made the announcement. The partnership will lead to the creation of a new entity that combines BitGo’s custody solutions with Hana Bank’s financial services and compliance expertise.
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A representative from Hana Bank remarked:
“By advancing the digital asset custody business alongside global partners, we anticipate contributing to the enhancement of trust in the domestic digital asset market and ensuring consumer protection.”
BitGo CEO Mike Belshe has indicated that the firm will focus on bolstering the security and transparency of the digital asset market in South Korea. Reports suggest that the official launch of their joint venture crypto custody firm is expected in the latter half of 2024.
Hana Bank has recently taken an interest in tokenized deposit technology as a viable alternative to private stablecoins and CBDCs. In collaboration with other local private banks, the institution released a paper in July 2023 discussing the concept of “certificate of deposit” tokens that could potentially replace traditional banking systems.
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