KEB Hana Bank, one of the country’s largest banks, is set to pioneer digital asset custody services. This endeavor stems from a strategic partnership forged with BitGo Trust Company, a renowned cryptocurrency custody firm.

A Strategic Partnership Unveiled

In a major announcement made during the Korea Blockchain Week conference on September 5th, representatives from Hana Bank disclosed the exciting news. The bank has inked a strategic business agreement with BitGo, signaling their joint commitment to establishing a robust digital asset custody ecosystem in South Korea.

Notably, this partnership capitalizes on the strengths of both entities. BitGo brings its proven custody solutions to the table, while Hana Bank contributes its extensive financial services experience and compliance expertise. Together, they aim to further create a synergy that fosters trust in the local digital asset market and enhances consumer protection.

BitGo’s CEO, Mike Belshe, emphasized the company’s mission to bolster transparency and security within the South Korean digital asset industry. This commitment underscores their dedication to maintaining the highest standards in the custody of digital assets.

The Countdown Begins

Bitcoin in a vault to depict crypto custody

Anticipation builds as Hana Bank and BitGo prepare to launch their joint cryptocurrency custody venture. Industry insiders can look forward to the official unveiling, scheduled for the second half of 2024. This strategic move is poised to reshape the South Korean financial landscape and redefine the future of digital asset management.

Exploring Tokenized Deposits

Hana Bank’s forward-thinking approach extends beyond custody services. The bank has expressed interest in tokenized deposit technology. This would be as a potential alternative to traditional private stablecoins and central bank digital currencies.

In a collaborative effort with local private banks, such as Woori Bank and Maeli Business News Korea, Hana Bank has explored the concept of “certificate of deposit” tokens. These tokens could potentially revolutionize the way we view notes and deposits without disrupting the existing banking system.

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