Korea's Hana Bank Partners With BitGo For Crypto Custody

KEB Hana Bank, one of the largest banks in South Korea, has announced a strategic partnership with crypto custodian BitGo.

Hana Bank is a major commercial bank, with local banking assets worth nearly US$10 billion and an equity of around US$490 million. With this partnership, they hope to establish a digital asset custody service within South Korea. Currently, they hope to launch the joint custody venture in the second half of 2024.

Additionally, Hana Bank has already indicated a growing interest in blockchain and cryptocurrency, having already filed 46 blockchain-related patents, covering a diverse range of use cases from electronic contracts to product purchases.

BitGo will combine their custody expertise with Hana Bank’s financial services and regulatory compliance knowledge, and is aimed at strengthening trust within South Korea’s digital asset market and enhancing consumer protection.

On their part, BitGo has clients in over 50 countries, including prominent brands like Nike. In a press release, BitGo cited South Korea’s favourable regulatory environment as a reason for the partnership, and has also indicated that it will launch an office in South Korea in the latter half of 2024.

South Korea’s growing interest in crypto

A recent survey found that South Koreans rank among the highest in the world for crypto-awareness, with 63 per cent of the population responding that they know what digital assets are.

However, the industry is not always perceived favourably in South Korea, especially by regulators. Some regulators have expressed concerns about the use of cryptocurrencies in criminal activities, including tax evasion.