Partnership between BitGo and Hana Bank
BitGo, a market leader in digital asset custody, has partnered with Hana Bank of South Korea to introduce DAC services to the country. The partnership between BitGo and Hana Bank is expected to have a significant impact on the digital asset market outside of South Korea.
The two organisations plan to improve crypto management and custody by combining their resources to increase public confidence in the security of digital assets. The deployment is planned for the second half of 2024, and the partnership’s goal is to successfully traverse the complex crypto regulatory landscape in South Korea.
Series C financing round
With the completion of its Series C financing round, BitGo has secured $100 million at a valuation of $1.75 billion. Potentially combining Hana Bank’s financial know-how and compliance acumen with BitGo’s crypto security knowledge, a joint venture between the two companies is being considered.
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Expanding digital asset market
Hana Bank and BitGo plan to improve consumer confidence and security in South Korea’s expanding digital asset market by collaborating on a new regulatory framework. BitGo’s goal is to eventually expand internationally, therefore this effort is not confined to the United States. Next year, the company intends to open an office in South Korea, where it will operate in full accordance with all applicable laws and regulations.
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BitGo has been an important part of the digital financial infrastructure since its inception in 2013. The company provides a variety of services, such as wallet solutions, custody services, staking, and trading, and has received approval from regulatory agencies in the United States, Switzerland, and Germany. BitGo is an international trusted service provider, trusted by over 1,500 businesses in 50 countries.
Cryptocurrency laws
South Korea has taken the lead in drafting cryptocurrency laws. The Financial Services Commission and the Bank of Korea now have the authority to oversee crypto operators and asset custodians thanks to the recent passage of 19 measures connected to cryptocurrencies. In addition, the law gives authorities the ability to punish dishonest methods of trading virtual assets.
Hana Bank contributes deep knowledge of the financial sector and an excellent understanding of regulatory requirements. The bank’s plan to broaden its services and capitalize on the rising popularity of digital assets is supported by its decision to work with BitGo.
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