South Korea's Biggest Bank To Launch Crypto Custody Service

Zinger Key Points
  • The joint venture combines BitGo's custody solutions with Hana Bank's financial and compliance expertise.
  • The anticipated launch of the digital asset custody initiative is set for the second half of 2024.

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.

Also Read: Crypto Millionaire Whales Target These Assets: Are The Coins Ready To Soar?

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.

Read Next: Oprah, The Rock's Relief Fund For Maui Wildfire Victims Accepts Bitcoin And Ether

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Posted In: CryptocurrencyNewsGlobalMarketsBitGo Trust Companycryptocurrency custodyDigital AssetsKEB Hana BankKorea Blockchain Week Financial servicesSouth Korea
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