BitGo, a global digital asset custody firm, has formed a strategic partnership with two major South Korean companies, Hana Financial Group and SK Telecom. This partnership is expected to assist BitGo in penetrating deeper into the South Korean market and supporting the establishment of the cryptocurrency space in the location as institutionalized.
At the Korea Blockchain Week 2024 event held in Seoul, Mike Belshe the CEO of BitGo stated that Hana Financial Group which is a Korean company has been revealed to have invested in a 25% stake in BitGo Korea while SK Telecom has invested in 10%. BitGo Korea is a partnership between BitGo and one of Korea’s biggest banks Hana Bank, it was formed early this year. The collaboration is to offer the development of crypto custody services, which is critically important now for the rapidly expanding market of digital assets in South Korea.
Hana and SK Telecom Join BitGo to Boost Korean Crypto
Hana Financial Group, which is among the largest financial organizations in South Korea, is going to contribute its experience to the development of the domestic crypto market. The company reported a net profit of over $2.4 billion in the previous year and carries out its operations overseeing $441.4 billion in assets. By investing in BitGo Korea, Hana Financial plans to enhance the level of the domestic digital asset market.
It will receive knowledge in user authentication, security, and identity verification from the leading telecommunications provider in South Korea, SK Telecom. Nevertheless, SK Telecom holds around 40% of the market share in telecommunications in the country.
For its part, BitGo is also set to open an office in South Korea in the second half of 2024 with the requisite licenses secured. It operates with approximately $70 billion in assets at present and plays a major market role in cryptocurrencies.
With the involvement of Hana Financial and SK Telecom in this collaboration with BitGo, more organizations are expected to enter the South Korean digital asset market in the future.
Source: https://www.livebitcoinnews.com/bitgo-partners-with-south-koreas-hana-financial-and-sk-telecom/