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The South Korean bank KEB Hana Bank closed a new partnership with the cryptocurrency company BitGo to develop crypto custody. 
The <a href="https://www.yna.co.kr/view/AKR20230905075300002" data-type="link" data-id="https://www.yna.co.kr/view/AKR20230905075300002" target="_blank" rel="noopener noreferrer nofollow">partnership</a> between the two companies will aim to develop a cryptocurrency custody business in South Korea. 
KEB Hana Bank has 111 branches with $10 billion in assets and $490 million in equity. The commercial partnership will establish a joint venture between the two entities, mixing <a href="https://crypto.news/bitgo-valued-at-1-75b-after-100m-funding-round/" data-type="link" data-id="https://crypto.news/bitgo-valued-at-1-75b-after-100m-funding-round/" rel="noopener noreferrer nofollow">BitGo’s</a> custody solutions with Hana Bank’s financial services. 
 You might also like: <a href="https://crypto.news/south-korea-obliges-crypto-exchanges-to-hold-2-3m-in-reserves/" rel="noopener noreferrer nofollow"> South Korea obliges crypto exchanges to hold $2.3m in reserves </a> 
<h2 class="wp-block-heading" id="cryptocurrency-development-in-south-korea">Cryptocurrency development in South Korea</h2> 
<a href="https://crypto.news/south-korea-obliges-crypto-exchanges-to-hold-2-3m-in-reserves/" data-type="link" data-id="https://crypto.news/south-korea-obliges-crypto-exchanges-to-hold-2-3m-in-reserves/" rel="noopener noreferrer nofollow">South Korea’s</a> relationship with cryptocurrency has been a rollercoaster ride. In the past, the country experienced a surge in the crypto market as stakeholders from the Asia Pacific region flocked to South Korea due to China’s unfriendly stance towards cryptocurrencies. 
However, the South Korean government soon began expressing concerns and considering a potential cryptocurrency ban, causing the market to plummet. 
Despite the initial uncertainty, South Korea has taken steps to regulate and embrace cryptocurrencies. In March 2020, the South Korean National Assembly <a href="https://crypto.news/south-korea-tax-cryptocurrency-trading-profits-2021/" data-type="link" data-id="https://crypto.news/south-korea-tax-cryptocurrency-trading-profits-2021/" rel="noopener noreferrer nofollow">passed a bill</a> that legalized bitcoin and crypto trading in the country. This move was seen as a positive step towards encouraging mainstream adoption of cryptocurrencies. 
The government has also shown interest in blockchain technology. South Korea’s government <a href="https://crypto.news/south-korea-blockchain-rd-fund-400-million-government/" data-type="link" data-id="https://crypto.news/south-korea-blockchain-rd-fund-400-million-government/" rel="noopener noreferrer nofollow">was considering</a> investing $400 million in blockchain research and development to revamp the digital technology sector. This investment aims to support the country’s growth and innovation of blockchain technology. 
South Korea’s economy has faced challenges but is projected to grow by 2.5% in 2023. The country’s economic growth includes private consumption and construction investment, indicating potential opportunities for the cryptocurrency market. 
 You might also like: <a href="https://crypto.news/bitgo-valued-at-1-75b-after-100m-funding-round/" rel="noopener noreferrer nofollow"> BitGo valued at $1.75b after $100m funding round </a>

South Korean bank develops crypto custody together with BitGo

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