Hana’s new digital asset custody services will operate using BitGo’s blockchain security technology. The two companies did not provide any further information on the services the partnership will provide.
The partnership is expected to be an important turning point in raising the standards of the domestic digital asset market to a global level and encouraging institutional participation in the market, as pe the press release. Hana is one of South Korea’s top five banking institutions, having earned a net profit of over 3.16 trillion Korean won (USD 2.4 billion) in 2022.
Digital asset custodian BitGo has clients, including Nike, in over 50 countries. The California-based company said in the press release that it has decided to expand in South Korea given the country’s favourable regulatory environment.
BitGo is also launching an office in South Korea in the latter half of 2024, after preparing the necessary licenses under local regulations. In August 2023, the company completed a USD 100 million Series C funding round, with its valuation standing at USD 1.75 billion.
In July 2023, South Korea’s Financial Services Commission announced that it will push to amend the electronic securities laws to include blockchain-powered security tokens within its regulatory framework.
In February 2020, Hana Bank has announced the launch of its global mobile banking service in Hong Kong, making it one of the first Korean lenders to provide such service in the global financial hub.
The Global 1Q app is available for use in Hong Kong now in addition to countries that include Canada, China, Japan, Indonesia, Brazil, Panama, and Vietnam. The service was launched in Canada in 2015.
The app automatically recognises the country of the user’s current location, allowing access to the service by logging in. It also uses a mobile one-time password solution that resolves issues related to battery discharge.
The OTP solution enables immediate cash wiring upon the user’s request. It allows the user access to the service without having to download an additional app.
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