BitGo, a leading crypto custodian from California, has announced a strategic partnership with Hana Bank, one of the largest banks in South Korea.
The news was revealed at the Korea Blockchain Week on Tuesday, where BitGo and Hana Bank shared their vision for the future of digital assets.
The partnership will involve collaboration on security solutions, technology integration, and potential joint equity investment for a new venture.
BitGo will leverage its expertise and experience in crypto custody to help Hana Bank develop its own custody services, which are expected to launch in the second half of 2024.
This is a significant milestone for both BitGo and Hana Bank, as they aim to tap into the growing demand for crypto custody in South Korea and beyond.
BitGo recently raised $100 million at a valuation of $1.75 billion, demonstrating its strong position in the global crypto market.
Hana Bank has $448 billion in assets under management and has expressed interest in digital assets before, participating in the Bank of Korea’s central bank digital currency (CBDC) project.
By joining forces, BitGo and Hana Bank hope to offer secure, reliable, and innovative crypto custody solutions to their customers and partners, as well as contribute to the development of the digital asset industry in South Korea and the world.