KEB Hana Bank, a South Korea-based bank, plans to offer digital asset custody services through a new partnership with BitGo Trust Company, a cryptocurrency custody firm, stated Cointelegraph.
With insights from a local news agency Yonhap, KEB Hana Bank has agreed to a business agreement with BitGo to collaboratively create a digital asset custody in South Korea. The commercial bank is expected to have a network of about 111 branches with local banking assets of around $10 billion and equity of about $490 million.
“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 Hana Bank executive explained.
Furthermore, Mike Belshe, CEO, BitGo, explained that the firm will focus on its capabilities of improving transparency and security in the South Korean digital asset industry, Cointelegraph concluded.
(With insights from Cointelegraph)
