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KEB Hana Bank, one of South Korea's leading banks, is diving into the future of banking with plans to offer services for safeguarding digital assets. To realize this, the bank is joining forces with BitGo Trust Company, a significant player in the cryptocurrency custody sector.
This groundbreaking partnership was publicly revealed on September 5 during Korea Blockchain Week, a high-profile conference for cryptocurrency insiders. KEB Hana Bank operates 111 branches and controls assets around the $10 billion mark, along with having equity totaling $490 million.
Through this strategic alliance, BitGo and KEB Hana Bank will establish a jointly-operated venture, combining the best of both worlds. BitGo will contribute its expertise in securing digital assets, while Hana Bank will bring its solid history of financial services and regulatory compliance.
The fusion of these skills aims to amplify the credibility and safety of the South Korean digital asset market. An executive from Hana Bank stated that collaborating with global partners on cryptocurrency custody services could foster increased consumer trust and protection in the domestic market.
The focus for BitGo, as mentioned by its CEO Mike Belshe, will be to advance transparency and security standards in the South Korean digital asset landscape. Given the widespread acceptance of cryptocurrencies and the increasing regulatory focus, this partnership comes at an opportune time.
The initiative is slated to roll out its services in the latter half of 2024, according to digital media reports. But that's not the only foray KEB Hana Bank is making into the new-age financial technologies. Earlier this year, in July, the bank co-published a report with other local financial institutions like Woori Bank. The report delved into the possibilities of tokenized deposit systems as viable alternatives to traditional bank notes and stablecoins issued by central banks.
By venturing into the digital asset arena, KEB Hana Bank is not just expanding its portfolio but is also aiding the normalization of cryptocurrencies within the established financial system of South Korea.
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