South Korean Financial Conglomerate Hana Financial Group Partners with BitGo for Crypto Custody
Hana Financial Group, one of the top five financial conglomerates in South Korea, has announced a partnership between its KEB Hana Bank and crypto custodian BitGo. The collaboration is set to take place in late 2024, as revealed in a joint statement made by both companies during the ongoing Korean Blockchain Week in Seoul.
The goal of the partnership is to enhance trust and consumer protection in the domestic digital asset market by promoting the digital asset custody sector with global partners. Hana Bank believes that this move will contribute to the growth of the industry.
KEB Hana Bank, which was created through the merger of Hana Financial Group and Korea Exchange Bank in 2015, has shown previous interest in the crypto and Web3 space. In fact, it opened a branch in the metaverse platform The Sandbox in July 2022.
South Korea’s Crypto Awareness and Regulatory Efforts
South Koreans have a high level of crypto awareness, with 63% of the population indicating their knowledge of digital assets, according to a recent survey. This partnership aligns with South Korea’s efforts to regulate the cryptocurrency space and attract established industry players like BitGo.
The country has implemented new rules and regulations, including the requirement for a mandatory reserve fund and the establishment of a virtual crime unit to combat crypto-related crimes. BitGo, a veteran in the crypto custody space, recently completed a $100 million funding round and plans to open an office in South Korea in late 2024.
This partnership between Hana Financial Group and BitGo is expected to elevate the standards of the domestic digital asset market and encourage institutional participation, paving the way for further growth and development in the industry.
Hot Take: Partnership Fuels South Korea’s Crypto Momentum
The collaboration between Hana Financial Group’s KEB Hana Bank and BitGo marks an important milestone in South Korea’s crypto journey. With a tech-savvy population and a high level of crypto awareness, South Korea is positioning itself as a prominent player in the global digital asset market.
The partnership not only boosts trust and consumer protection but also strengthens the country’s regulatory framework. By attracting established industry players like BitGo, South Korea is creating an environment that fosters innovation and growth in the crypto industry.
As the partnership takes shape and institutional participation increases, South Korea is poised to become a leading hub for digital assets, solidifying its position as a key player in the global crypto landscape.
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