The Californian Company BitGo to Develop Custody Services and Security Solutions
BitGo, a crypto custodian based in California, has announced a strategic business agreement with South Korean commercial bank Hana Bank during Korea Blockchain Week. This partnership is set to cover security solutions, tech collaborations, and the possibility of a joint venture. BitGo will play a significant role in assisting Hana Bank in the development of custody services starting in the second half of 2024.
The agreement comes on the heels of BitGo’s successful funding round, where they raised $100 million at a valuation of $1.75 billion. Hana Bank, with $448 billion in assets under management, has previously shown interest in digital assets and is actively involved in the Bank of Korea’s central bank digital currency (CBDC) Proof of Concept project.
BitGo also has plans to establish an office in Korea next year, complying with local regulations and obtaining the necessary licenses. CoinDesk has reached out to both BitGo and Hana Bank for comment.
Hot Take:
The partnership between BitGo and Hana Bank marks a significant step forward for the adoption of digital assets in South Korea. With BitGo’s expertise in custody services and Hana Bank’s interest in blockchain technology, this collaboration has the potential to drive innovation and create new opportunities in the crypto space.
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