KEB Hana Bank, one of South Korea’s largest financial institutions, has announced that it will start offering crypto custody services from the second half of 2024. The bank has partnered with leading crypto custodian BitGo Trust Company to provide the planned service.
KEB Hana Bank’s Crypto Custody Service and BitGo
With total assets under management of $448 billion, KEB Hana Bank announced at the South Korea Blockchain Week in Seoul that it will offer crypto custody services from the second half of 2024. The bank has partnered with crypto custodian BitGo Trust Company for the planned service.
KEB Hana Bank’s new crypto custody service will operate using BitGo’s blockchain security technology. While the two companies have not provided further information about the services the partnership will offer, a joint press release stated that it is expected to be a significant milestone in raising the standards of the local crypto market to a global level and encouraging institutional participation in the market.
KEB Hana Bank, one of South Korea’s top five banking institutions, reported a net profit of 3.16 trillion South Korean won ($2.4 billion) last year.
BitGo’s Expansion Decision to South Korea
Leading crypto custodian BitGo currently serves over 50 countries, including many major clients such as Nike. In a press release, the California-based company announced its decision to expand to South Korea, considering the favorable regulatory environment in the country.
BitGo will also open an office in South Korea in the second half of 2024, following the acquisition of necessary licenses under local regulations. The company completed a $100 million Series C financing round last month, bringing its valuation to $1.75 billion.