KEB
Hana Bank, one of South Korea’s largest banks, is teaming up with BitGo Trust
Company, a contributor in the cryptocurrency custody business. The goal of this
partnership is to provide digital asset custody services in South Korea.
Digital asset custody involves securely storing cryptocurrencies and other
digital assets on behalf of customers, ensuring their protection from theft or
loss.
Being
one of the major commercial banks in South Korea, KEB Hana Bank has local
banking assets worth nearly $10 billion and equity of $490 million. It has
entered into a strategic business agreement with BitGo to jointly establish
digital asset custody services within South Korea. The partnership was publicly
disclosed at the Korea Blockchain Week conference.
The collaboration will
involve the creation of a joint venture that combines BitGo’s expertise in
cryptocurrency custody solutions with KEB Hana Bank’s financial services and
regulatory compliance knowledge. The partnership aims to strengthen trust
within South Korea’s digital asset market and enhance consumer protection by
promoting secure digital asset custody services.
KEB
Hana Bank and BitGo plan to launch their joint cryptocurrency custody venture
in the second half of 2024. The bank has shown interest in tokenized deposit
technology as an alternative to traditional private stablecoins and central
bank digital currencies. This technology has the potential to replace
conventional notes and deposits without disrupting the traditional banking
system.
KEB Hana Bank Filed 46
Blockchain Patents in 2019
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in 2019, KEB Hana Bank, the largest foreign exchange
