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KEB Hana Bank, one of the largest banks in South Korea, is set to provide digital asset custody services through a new collaboration with the prominent cryptocurrency custody firm BitGo Trust Company.
The bank has entered into a strategic business agreement with BitGo to collaboratively establish digital asset custody in South Korea, as reported by local news agency Yonhap. KEB Hana Bank operates a network of 111 branches, boasting local banking assets nearing $10 billion and equity amounting to $490 million.
Representatives from Hana Bank reportedly shared this information on Sept. 5 during the Korea Blockchain Week, a conference focused on the cryptocurrency industry.
As part of this partnership, the two entities will create a joint venture that will integrate BitGo’s custody solutions with Hana Bank’s financial services and compliance expertise.
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“By advancing the digital asset custody business in collaboration with global partners, we aim to enhance trust in the domestic digital asset market and ensure consumer protection,” a Hana Bank executive reportedly stated.
BitGo CEO Mike Belshe emphasized that the company will concentrate on improving transparency and security within the South Korean digital asset sector.
According to online reports, Hana Bank and BitGo are planning to unveil their joint cryptocurrency custody venture in the latter half of 2024.
Related: BitGo raises $100M after losing lawsuit against Galaxy
Recently, Hana Bank has shown interest in tokenized deposit technology as a potential alternative to private stablecoins and central bank digital currencies.
In July 2023, the bank published a report in collaboration with local private banks such as Woori Bank and Maeli Business News Korea, detailing the concept of “certificate of deposit” tokens that could feasibly replace traditional notes and deposits without disrupting the existing banking framework.
