One of South Korea’s largest banks, KEB Hana Bank, has entered the cryptocurrency custody business through a partnership with BitGo, a leading crypto custodian. The partnership will see Hana Bank offer its institutional clients secure and compliant custody solutions for their digital assets.
BitGo is a leading crypto custodian with over $100 billion in assets under custody. The company offers a variety of security features, including cold storage, multi-signature wallets, and insurance. Hana Bank is one of the largest banks in South Korea, with over $448 billion in assets under management. The bank has been actively exploring the cryptocurrency space in recent years, and this partnership is a significant step towards establishing itself as a leading player in the market.
The partnership between Hana Bank and BitGo is a sign of the growing acceptance of cryptocurrencies by traditional financial institutions. As more and more institutions enter the crypto space, the need for secure and compliant custody solutions will become increasingly important. This partnership will help to meet that need and pave the way for further adoption of cryptocurrencies by institutions.
The partnership is expected to launch in the second half of 2024. BitGo will provide Hana Bank with its full suite of custody services, including cold storage, multi-signature wallets, and insurance. Hana Bank will market and sell these services to its institutional clients.
The partnership is a significant development for the cryptocurrency industry in South Korea. It is the first major partnership between a traditional bank and a crypto custodian in the country. The partnership is expected to boost the adoption of cryptocurrencies by institutions in South Korea.
Benefits of the Partnership
The partnership between Hana Bank and BitGo will provide a number of benefits for both parties. For Hana Bank, the partnership will allow it to offer its institutional clients secure and compliant custody solutions for their digital assets. This will help the bank to attract new clients and grow its business in the cryptocurrency space.
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For BitGo, the partnership will give it access to a new market and a larger pool of potential clients. The partnership will also help BitGo to expand its reach in Asia, which is a key growth market for the cryptocurrency industry.
The Future of Crypto Custody
The partnership between Hana Bank and BitGo is a sign of the growing importance of crypto custody. As more and more institutions enter the crypto space, the need for secure and compliant custody solutions will become increasingly important. This partnership will help to meet that need and pave the way for further adoption of cryptocurrencies by institutions.
The future of crypto custody is bright. As the industry continues to grow, demand for secure and compliant custody solutions will only increase. This will create opportunities for new players to enter the market and provide innovative solutions.
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