As cryptocurrencies and Blockchain technology become more popular day by day, the partnerships and collaborations in this field have also increased.
At this point, the latest news came from KEB Hana Bank, one of the largest banks in South Korea, and BitGo.
According to Forkast, in the announcement made at the Korea Blockchain Week in Seoul, it was stated that Hana Bank will partner with digital asset custody provider BitGo.
Accordingly, BitGo will help develop Hana Bank's cryptocurrency custody services in the second half of 2024.
It was also stated that BitGo will prepare the necessary licenses to comply with local regulations in South Korea and that they plan to open an office in the country in the second half of 2024.
The following statements were made in the joint press release from Hana and BitGo:
“The partnership is expected to be a significant milestone in raising the standards of the local digital asset market to the global level and encouraging institutional participation in the market.”
Hana Bank made a net profit of over 3.16 trillion Korean won (US$2.4 billion) last year, making it one of the five largest banks in South Korea.
*This is not investment advice.