Crypto Custody Partnership Between KEB Hana Bank and BitGo
You have an opportunity to learn about the recent partnership between KEB Hana Bank and BitGo, a cryptocurrency company. Their goal is to develop a cryptocurrency custody business in South Korea. KEB Hana Bank, with its 111 branches and significant assets, will join forces with BitGo to mix their respective expertise.
Cryptocurrency Development in South Korea
You may be interested to know about the journey of cryptocurrency in South Korea. Initially, the country experienced a surge in the crypto market due to China’s unfriendly approach. However, concerns from the South Korean government led to a market downturn. But things have changed since then.
In March 2020, the South Korean National Assembly legalized bitcoin and crypto trading, signaling a positive step toward mainstream adoption. Furthermore, the government has shown interest in blockchain technology and plans to invest in its research and development.
Considering South Korea’s projected economic growth, which includes private consumption and construction investment, there may be potential opportunities for the cryptocurrency market.
Hot Take: South Korea Embracing Cryptocurrency and Blockchain
The partnership between KEB Hana Bank and BitGo showcases South Korea’s growing acceptance of the cryptocurrency industry. With regulatory measures in place and investments in blockchain technology, the country is paving the way for innovation and mainstream adoption. This progressive approach positions South Korea as a key player in the global crypto landscape.
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