KEB Hana Bank’s collaboration with the cryptocurrency custodian ties one of the country’s leading financial institutions to the digital asset industry.
Top 5 Hana Banking Group, a South Korean banking conglomerate, has announced that its KEB Hana Bank will work with crypto custodian BitGo in late 2024.
Forkast said that both firms delivered a joint statement late Tuesday during the Korean Blockchain Week in Seoul.
“We expect to promote the digital asset custody sector with our global partners to raise trust and consumer protection on the domestic digital asset market,” a Hana Bank source told local media.
In 2012, Hana Financial Group bought Korea Exchange Bank (KEB), forming KEB Hana Bank in 2015. The institutions made $2.4 billion (3.16 trillion Korean won) in 2022. In July 2022, KEB Hana Bank opened a branch in the metaverse platform The Sandbox.
This private sector alliance appears to target South Korea’s tech-savvy population, where bitcoin is popular.
South Korea And Cryptocurrency
Consensys and YouGov found that 63% of South Koreans are aware of crypto assets, ranking them among the most aware in the world.
The agreement also aligns with South Korea’s efforts to control the cryptocurrency market and recruit BitGo.
New laws need a 3 billion won reserve fund, the newest of which is $2.3 million. A virtual crime team was also announced to combat an alleged rise in crypto crime in the country. BitGo, a crypto custody veteran, raised $100 million in Series C funding and plans to debut in South Korea in late 2024.
“The partnership is expected to be an important turning point in raising the standards of the domestic digital asset market to a global level and encouraging institutional participation in the market,” Hana and BitGo stated in a news release.