Hana Bank to Introduce Digital Asset Custody Services
Hana Bank, one of South Korea’s major financial institutions, has announced its plans to offer digital asset custody services. This move was revealed during Korea Blockchain Week in Seoul, showcasing the bank’s commitment to the growing digital asset market. With total assets worth $448 billion, Hana Bank is poised to make a significant impact in this space.
Hana Bank Partners with BitGo
In order to enhance its digital asset custody services, Hana Bank has formed a strategic partnership with BitGo, a Palo Alto-based digital asset custody provider. This collaboration is expected to bring about advancements in the market and improve the security and transparency of the South Korean digital asset industry.
Advancements in the South Korean Crypto Ecosystem
The collapse of the TerraUSD stablecoin project had a global impact, particularly in South Korea where losses amounted to tens of billions of dollars. Despite this setback, crypto trading and investment in the country remain strong.
A recent report revealed that South Korean Gen Zs have a strong preference for XRP in their investment portfolios, with 20.7% allocated to it. This percentage surpasses the combined allocation for Bitcoin and Ethereum, which stands at 17.5%. Additionally, young South Korean investors in their 20s exhibit a more aggressive investing approach compared to other age groups.
Hot Take
The partnership between Hana Bank and BitGo is a significant step towards strengthening the digital asset custody services in South Korea. With their combined expertise and resources, they have the potential to enhance trust and consumer protection in the domestic digital asset market. This collaboration reflects the growing importance of digital assets in the financial industry and highlights the continued interest and resilience of the South Korean crypto ecosystem.
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