Hana Financial Group Partners with BitGo to Enhance South Korean Digital Asset Market

One sentence summary – Hana Financial Group has partnered with crypto custodian BitGo to enhance trust and consumer protection in South Korea’s digital asset market, aligning with the country’s regulatory efforts and attracting established players in the crypto industry.

At a glance

  • Hana Financial Group partners with crypto custodian BitGo
  • Aim of the partnership is to enhance trust and consumer protection in the domestic digital asset market
  • Hana Financial Group’s subsidiary, KEB Hana Bank, will be involved in the partnership
  • South Korea has implemented new rules and regulations to regulate the cryptocurrency space
  • BitGo plans to open an office in South Korea in late 2024

The details

Hana Financial Group, a leading South Korean financial institution, has announced a partnership with crypto custodian BitGo.

The partnership was unveiled during the Korean Blockchain Week in Seoul.

The aim of the partnership is to enhance trust and consumer protection in the domestic digital asset market.

Hana Financial Group’s subsidiary, KEB Hana Bank, will be involved in the partnership.

The financial group acquired Korea Exchange Bank in 2012.

It then merged Korea Exchange Bank with Hana Bank in 2015.

This strategic partnership with BitGo comes after KEB Hana Bank established a presence in the metaverse platform, The Sandbox.

KEB Hana Bank has opened a branch in The Sandbox.

South Korea is known for its high level of crypto-awareness.

Approximately 63% of the South Korean population is aware of digital assets.

South Korea has implemented new rules and regulations to regulate the cryptocurrency space.

These regulations aim to attract established industry players.

The new rules include the establishment of a mandatory reserve fund.

They also include the creation of a virtual crime unit.

This unit is designed to combat illicit activities in the crypto sector.

BitGo is a prominent crypto custodian.

BitGo recently concluded a $100 million funding round.

The company has plans to open an office in South Korea in late 2024.

Through this partnership, Hana Financial Group and BitGo aim to elevate the standards of the domestic digital asset market.

They also aim to foster greater institutional participation.

This collaboration represents a significant step towards building a more secure and trustworthy digital asset ecosystem in South Korea.

It aligns with the country’s regulatory efforts.

It also highlights South Korea’s attractiveness to established players in the crypto industry.

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A pixelated handshake between two figures representing Hana Financial Group and BitGo, symbolizing their partnership in enhancing the South Korean digital asset market.

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– Hana Financial Group has announced a partnership between KEB Hana Bank and crypto custodian BitGo for late 2024.
The announcement was made at the Korean Blockchain Week in Seoul.
The partnership aims to raise trust and consumer protection in the domestic digital asset market.
– Hana Financial Group acquired Korea Exchange Bank in 2012 and merged it with Hana Bank in 2015.
– KEB Hana Bank previously opened a branch in metaverse platform The Sandbox.
– South Koreans rank among the highest in the world for crypto-awareness, with 63% of the population knowing what digital assets are.
The partnership aligns with South Korea’s efforts to regulate the cryptocurrency space and attract established industry players.
– South Korea has implemented new rules and regulations, including a mandatory reserve fund and the creation of a virtual crime unit.
– BitGo recently completed a $100 million funding round and is planning to open an office in South Korea in late 2024.
The partnership is expected to raise the standards of the domestic digital asset market and encourage institutional participation.

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