Expanding Crypto Services: South Korea's KEB Hana Bank Partners with BitGo

<p>KEB
Hana Bank, one of South Korea's largest banks, is teaming up with BitGo Trust
Company, a contributor in the cryptocurrency custody business. The goal of this
partnership is to provide digital asset custody services in South Korea.
Digital asset custody involves securely storing cryptocurrencies and other
digital assets on behalf of customers, ensuring their protection from theft or
loss.</p><p>Cryptocurrency
Custody Venture and
Interest in Tokenized Deposits</p><p>Being
one of the major commercial banks in South Korea, KEB Hana Bank has local
banking assets worth nearly $10 billion and equity of $490 million. It has
entered into a strategic business agreement with BitGo to jointly establish
digital asset custody services within South Korea. The partnership was publicly
disclosed at the Korea Blockchain Week conference. </p><p>The collaboration will
involve the creation of a joint venture that combines BitGo's expertise in
cryptocurrency custody solutions with KEB Hana Bank's financial services and
regulatory compliance knowledge. The partnership aims to strengthen trust
within South Korea's digital asset market and enhance consumer protection by
promoting secure digital asset custody services.</p><p>KEB
Hana Bank and <a href="https://www.financemagnates.com/tag/BitGo/" target="_blank" rel="follow">BitGo</a> plan to launch their joint <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">cryptocurrency</a> custody venture
in the second half of 2024. The bank has shown interest in tokenized deposit
technology as an alternative to traditional private stablecoins and central
bank digital currencies. This technology has the potential to replace
conventional notes and deposits without disrupting the traditional banking
system.</p><p>KEB Hana Bank Filed 46
Blockchain Patents in 2019</p><p>Back
in 2019, KEB Hana Bank, the largest foreign <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> bank in South Korea, made
a move in the blockchain field by filing 46 patents related to <a href="https://www.financemagnates.com/tag/blockchain/" target="_blank" rel="follow">blockchain
technology</a>. This marks one of the most extensive disclosures of blockchain
intellectual property ever recorded. The bank's patent applications cover a
diverse range of business models utilizing blockchain, including methods for
electronic contracts, overseas product purchases, and delivering blockchain
services to enterprise clients. This proactive approach displays KEB Hana
Bank's commitment to exploring and implementing blockchain technology across
various aspects of its operations, highlighting the increasing importance of
blockchain in the financial industry and its potential to transform various
business processes.</p><p>South Korea's Growing Affection
for Cryptocurrency and Blockchain Technology</p><p>South
Korea is rapidly adopting blockchain technology and cryptocurrencies in various
sectors. Over one million people have embraced a blockchain-based digital
driver's license app in a short span, highlighting the non-financial
applications of blockchain. </p><p>Earlier, KEB Hana Bank partnered with the Korea
Expressway Corporation to implement a blockchain-based toll system on the
country's highways, improving infrastructure and logistics. Additionally,
Seongnam is expanding its payment program with digital gift certificates, while
in Busan, beachgoers can use Bitcoin and <a href="https://www.financemagnates.com/tag/ethereum/" target="_blank" rel="follow">Ethereum</a> for services, highlighting
the acceptance of cryptocurrencies in everyday activities. These developments
underscore South Korea's growing interest in and integration of blockchain
technology and digital currencies across diverse industries, reflecting a
global trend towards <a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a> adoption beyond finance.</p><p>In
essence, <a href="https://www.financemagnates.com/tag/Hana-Bank/" target="_blank" rel="follow">KEB Hana Bank's</a> partnership with BitGo represents a step towards
providing secure digital asset storage services in South Korea, catering to the
growing demand for cryptocurrency-related financial services in South Korea. </p>

This article was written by Tareq Sikder at www.financemagnates.com.