South Korean Hana Bank enters crypto custody business with BitGo

One of the largest South Korean banks, Korea Exchange Bank (KEB Hana Bank), is moving to connection integer plus custody services done a caller concern with large cryptocurrency custody steadfast BitGo Trust Company.

KEB Hana Bank has signed a strategical concern statement with BitGo to jointly found integer plus custody successful South Korea, the section quality bureau Yonhap reported. The commercialized slope has a web of 111 branches with section banking assets of astir $10 cardinal and equity of $490 million.

Hana Bank representatives reportedly announced the quality connected Sept. 5 astatine the cryptocurrency manufacture league “Korea Blockchain Week.”

As portion of the collaboration, the parties volition found a associated task featuring BitGo’s custody solutions and Hana Bank’s fiscal work and compliance expertise.

“By promoting integer plus custody concern unneurotic with planetary partners, we expect to lend to strengthening spot successful the home integer plus marketplace and user protection,” a Hana Bank enforcement reportedly said.

BitGo CEO Mike Belshe noted that the steadfast volition absorption connected its capabilities of enhancing transparency and information of the South Korean integer plus industry.

Hana Bank and BitGo plan to motorboat their associated cryptocurrency custody task successful the 2nd fractional of 2024, according to online reports.

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Hana Bank has precocious expressed involvement successful tokenized deposit technology arsenic an alternate to backstage stablecoins and cardinal slope integer currencies.

In July 2023, the slope issued a study alongside section backstage banks similar Woori Bank and Maeli Business News Korea, describing the alleged “certificate of deposit” tokens that could perchance regenerate customary notes and deposits without disrupting the accepted banking system.