KEB Hana Bank Partners with BitGo to Provide Digital Asset Custody Services in South Korea
Summary:
Korea Exchange Bank (KEB Hana Bank), one of South Korea's largest banks, partners with BitGo Trust Company to offer digital asset custody services. The collaboration aims to strengthen trust in the domestic digital asset market and protect consumers. A joint venture combining BitGo's custody solutions and Hana Bank's expertise in financial services and compliance is set to launch in the second half of 2024. Hana Bank is also interested in tokenized deposit technology as an alternative to stablecoins and central bank digital currencies.
Korea Exchange Bank (KEB Hana Bank), one of South Korea's largest banks, has partnered with BitGo Trust Company, a major cryptocurrency custody firm, to offer digital asset custody services. The bank, with a network of 111 branches and assets totaling nearly $10 billion, has signed a strategic agreement with BitGo. The announcement was made at the Korea Blockchain Week conference on Sept. 5. The collaboration will establish a joint venture combining BitGo's custody solutions with Hana Bank's expertise in financial services and compliance. The goal is to strengthen trust in the domestic digital asset market and protect consumers. BitGo CEO Mike Belshe emphasized the importance of enhancing transparency and security in the South Korean digital asset industry. The joint cryptocurrency custody venture is planned to launch in the second half of 2024. Hana Bank has also shown interest in tokenized deposit technology as an alternative to private stablecoins and central bank digital currencies, with a report suggesting that these "certificate of deposit" tokens could potentially replace traditional banking systems without disruption.
Published At
9/5/2023 8:55:55 AM
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