BitGo CEO and co-founder Mike Belshe believes his company will help improve the transparency and safety of the growing South Korean digital asset industry.
South Korean financial institution Hana Bank has announced its strategic partnership with crypto custody platform BitGo. According to the Korea Economic Daily report, the duo announced the partnership while speaking at the Korea Blockchain Week in Seoul.
Hana Bank is a top bank in South Korea, with an estimated $2.4 billion net profit, Forkast reports. While the firm is vast in financial services and compliance, BitGo possesses blockchain security expertise. Through the partnership, both firms will look to leverage their strengths through a joint institution.
Consequently, Hana Bank will begin offering its digital asset custody services in the second half of 2024, Forkast reported.
According to a joint press release, “the partnership is expected to be an important turning point in raising the standards of the domestic digital asset market to a global level”. Also, BitGo and Hana believe it could encourage institutions to participate in the market.
Separately, an unnamed source also said:
“We expect to contribute to raising trust and consumer protection on the domestic digital asset market by promoting the DAC sector with our global partners.”
BitGo to Expand into the South Korean Market
Launched in 2013, BitGo provides digital financial infrastructure such as wallet solutions, custody, staking, and trading. The company serves 1,500 organizations in about 50 countries. Consequently, this is BitGo’s first foray in the South Korean market.
Recently, BitGo raised $100 million in its Series C funding round, bringing the company valuation to $1.75 billion. BitGo plans to use the funds to pursue expansion globally. Already, it has plans to set up an office in South Korea at the latter end of 2024. The company is also pursuing local regulations.
Recall that in June, South Korean lawmakers passed 19 crypto-related bills. The new legislation allows the Financial Services Commission and the Bank of Korea to oversee crypto operators and asset custodians. Where there is unfair trading of virtual assets, regulators can enforce specified penalties.
Later in July, South Korea’s Financial Services Commission proposed an amendment to the electronic securities laws, including blockchain-powered security tokens within its regulatory framework.
BitGo CEO and co-founder Mike Belshe believes his company will help improve the transparency and safety of the growing South Korean digital asset industry.
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An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
