In a recent development, KEB Hana Bank, one of the foremost South Korean commercial banks, announced on the 5th of September at the cryptocurrency industry conference held in Seoul that it has signed a strategic agreement with digital assists custody provider Bitgo Trust Company to offer digital asset custody services starting from the second quarter of 2024. 

KEB Hana Bank is one of the largest commercial banks in South Korea, with consolidated total assets of nearly $448 billion and a network of 111 branches spread across South Korea. 

The collaboration will also serve as a joint venture that will oversee the utilisation of Bitgo security solutions and digital asset custody technology in conjunction with Hana Bank’s Financial services and compliance capabilities. 

“The partnership will be an era defining one that will raise the standard of the domestic digital asset management and security as well as encouraging institutional investment in the crypto market “according to a joint statement released by Hana and BitGo. 

BitGo is a California-based digital asset custodian with numerous clients in 50 countries worldwide. In a statement issued by the company CEO and co-founder Mike Belshe, stated, “The company focus is set on improving security and transparency in the South Korean digital asset landscape”. 

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