BitGo Inks Strategic Partnership with Prominent South Korean Institution Hana Bank
BitGo, a California-based cryptocurrency custodial company, made a significant announcement during the recent Korea Blockchain Week in Seoul by unveiling a substantial strategic partnership with Hana Bank, a well-established South Korean commercial bank. This collaboration spans across multiple dimensions, including the development of security solutions, technological cooperation, and the exploration of potential joint ventures. A pivotal aspect of this agreement centers around BitGo's active involvement in facilitating the creation of custody services for Hana Bank, with plans for the official launch of this initiative set for the latter half of 2024.
This remarkable development follows BitGo's recent achievement of securing $100 million in a successful fundraising round, effectively valuing the company at $1.75 billion. Hana Bank, a financial institution entrusted with managing a substantial asset portfolio totaling $448 billion, has previously showcased a keen interest in the realm of digital assets. Reports have indicated the bank's enthusiastic participation in the Bank of Korea's central bank digital currency (CBDC) Proof of Concept project.
In line with its forward-thinking strategy, BitGo has expressed its intentions to establish a strong presence in the Korean market during the latter half of the upcoming year. However, this strategic move is subject to the successful acquisition of the necessary licenses to ensure strict compliance with local regulatory frameworks.
As of the time of preparing this report, neither BitGo nor Hana Bank has issued an official response to Bitsday's request for comments regarding this significant strategic partnership. This collaboration is poised to make a substantial impact on the cryptocurrency and financial sectors, and further developments are eagerly awaited.