BitGo partners with South Korea’s Hana Bank, eyes global expansion: reports

Quick Take

  • Hana Bank, a major Korean commercial bank, plans to develop its digital asset custody services with BitGo — while they explore possibilities of setting up a joint venture — local media reported.

South Korea’s Hana Bank, a major commercial bank in the country, has partnered with BitGo, a decade-old crypto custody business, to develop the bank’s digital asset custody services to commence in the second half of next year, Forkast reported.

The duo announced the partnership today at Korea Blockchain Week in Seoul, according to a Korea Economic Daily report

As part of the partnership, Hana Bank and California-based BitGo plan to explore the possibility of setting up a joint venture to tap the bank’s experience in financial services and compliance, as well as Bitgo’s crypto security expertise.

A Hana Bank representative told the Daily that it hopes to raise trust and contribute to consumer protection in the domestic digital asset market through the partnership.

International expansion


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

BitGo’s partnership with Hana Bank aligns with its global expansion strategy after it secured $100 million in Series C financing at a $1.75 billion valuation last month. The company plans to use the proceeds for strategic acquisitions and global expansion, The Block previously reported.

BitGo plans to launch an office in South Korea late next year when it gets its paperwork ready for local compliance, according to Forkast.

In June, South Korean lawmakers passed legislation to better protect crypto investors. The new legislation, comprised of 19 crypto-related bills, gives the Financial Services Commission and the Bank of Korea the authority to oversee crypto operators and asset custodians. The new bill also allows authorities to enforce penalties in cases of unfair trading of virtual assets.

In July, the FSC said it would require domestic companies to disclose cryptocurrency holdings from next year as part of new accounting rules. The new rules will also require crypto issuers to disclose information, including token details, business models and internal accounting policies.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.