In a significant move aimed at bolstering the domestic digital asset market and enhancing consumer protection, South Korea’s leading financial conglomerate, Hana Financial Group, has announced a strategic partnership between its subsidiary, KEB Hana Bank, and the renowned crypto custodian BitGo. The partnership is set to take effect in late 2024, marking a pivotal moment in South Korea’s evolving crypto landscape.
The collaborative announcement was made during the ongoing Korean Blockchain Week in Seoul, where representatives from both Hana Financial Group and BitGo unveiled their vision for the future of digital asset custody. A source from Hana Bank expressed their commitment, stating, “We expect to contribute to raising trust and consumer protection on the domestic digital asset market by promoting the digital asset custody sector with our global partners.”
Hana Financial Group’s acquisition of Korea Exchange Bank (KEB) in 2012 and the subsequent merger to create KEB Hana Bank in 2015 have paved the way for this strategic move. In 2022, these institutions reported a staggering $2.4 billion (3.16 trillion Korean won) in profit, highlighting their robust position in the financial sector. KEB Hana Bank has previously demonstrated its interest in the crypto and Web3 space, most notably by opening a branch within the metaverse platform The Sandbox in July 2022.
This partnership aligns with the growing awareness of cryptocurrencies in South Korea, where 63% of the population is reportedly knowledgeable about digital assets, according to a recent survey published by Consensys and YouGov. It reflects the country’s commitment to regulating the cryptocurrency space while simultaneously attracting established industry players like BitGo.
As South Korea continues to navigate the dynamic crypto landscape, the collaboration between Hana Financial Group’s KEB Hana Bank and BitGo promises to play a pivotal role in shaping the future of digital asset custody and fostering trust within the domestic crypto ecosystem. With late 2024 on the horizon, stakeholders eagerly await the impact of this strategic alliance.
