Top five South Korean financial conglomerate Hana Financial Group has announced a partnership between its KEB Hana Bank and crypto custodian BitGo for late 2024.
According to reporting by Forkast, both companies made a joint statement late Tuesday at the Korean Blockchain Week currently underway in Seoul.
"We expect to contribute to raising trust and consumer protection on the domestic digital asset market by promoting the digital asset custody sector with our global partners," a Hana Bank source told local media outlets.
Hana Financial Group acquired Korea Exchange Bank (KEB) in 2012, merging to create KEB Hana Bank in 2015. The institutions reportedly earned $2.4 billion (3.16 trillion korean won) in profit in 2022. KEB Hana Bank has past form with the crypto and Web3 space; in July 2022, it opened a branch in metaverse platform The Sandbox.
This private sector partnership seemingly responds to South Korea’s tech-savvy population, among which crypto has been making waves.