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Hana Bank, one of South Korea’s top banking institutions, announces its entry into the crypto custody space, reflecting South Korea's broader embrace of digital currencies and its rapidly expanding crypto market.
Tradfi joins with crypto
Hana Bank is joining forces with BitGo, an internationally recognized name in digital asset security and custody. This partnership is a strategic move, combining Hana Bank's long-standing reputation and client trust with BitGo's specialised expertise in the digital realm.
A source from Hana Bank stated:
““By promoting digital asset custody business together with global partners, we expect to contribute to strengthening trust in the domestic digital asset market and consumer protection,”
A symbiotic relationship
BitGo's presence in the partnership ensures an emphasis on security, a pressing concern in the crypto world. Their advanced digital wallet solutions and multi-signature technologies are expected to bring a much-needed layer of trust and safety to Hana Bank's crypto custody service.
This collaboration also holds promise for a symbiotic relationship. Hana Bank, with its vast client base and capital power, offers BitGo a significant inroad into the Asian market. Conversely, BitGo's internationally acclaimed digital infrastructure and services will provide Hana Bank with the tools necessary to succeed in the competitive crypto custody space.
South Korea bullish on crypto
South Korea's evolving stance on digital assets and its government's push towards regulations legitimising cryptocurrencies provides a conducive backdrop for such ventures. The collaboration between Hana Bank and BitGo is a testament to the changing landscape of finance, where traditional banking systems and the digital realm intertwine.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.