California-based cryptocurrency custodian BitGo announced on Tuesday during Korea Blockchain Week that it has formed a strategic business partnership with Hana Bank, a South Korean commercial bank.According to Korea Economic Daily, the agreement includes tech alliances, security solutions, and a potential joint venture.According to a Forkast article, BitGo will help Hana Bank improve custody services in the second half of 2024.
Three weeks ago, BitGo raised $100 million at a $1.75 billion value, which led to the announcement.Hana Bank, which manages $448 billion in assets, has previously showed interest in digital assets. According to sources, the bank is “actively participating” in the ongoing Bank of Korea central bank digital currency (CBDC) Proof of Concept project.
Following the preparation of the required licenses to adhere to local rules, BitGo also expects to establish an office in Korea in the second half of 2019.