South Korea's Biggest Bank To Launch Crypto Custody Service

South Korea's prominent KEB Hana Bank is venturing into the realm of digital asset custody, joining forces with the renowned cryptocurrency custody entity, BitGo Trust Company.

With a vast network spanning 111 branches and boasting local banking assets close to $10 billion, KEB Hana Bank's move is a significant nod to the growing importance of digital assets.

As the crypto landscape continues to evolve, such developments underscore the importance of events such as Benzinga's Future of Digital Assets conference, which offers deep insights and discussions on the future trajectory of the digital asset industry.

This collaboration was unveiled during Korea Blockchain Week, a major event in the crypto industry calendar.

The partnership aims to combine BitGo's advanced custody solutions with Hana Bank's financial acumen and regulatory compliance expertise.

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An executive from Hana Bank emphasized the venture's potential to "strengthen trust in the domestic digital asset market and consumer protection."

BitGo's CEO Mike Belshe highlighted the company's commitment to bolstering transparency and security in South Korea's digital asset sector.

The joint digital asset custody initiative is slated for a launch in the latter half of 2024.

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