<p>South Korean commercial bank Hana Bank <a href="https://n.news.naver.com/article/008/0004934523?sid&#61;101" rel="noopener noreferrer nofollow">announced</a> on Tuesday at Impact, the main event of Korea Blockchain Week (KBW) 2023, that it has signed an agreement with US-based digital asset trust company BitGo to undertake a joint venture for digital asset custody services in Korea.</p><p>BitGo’s Korean branch aims to kick off full-fledged operations for the venture in the second half of next year after obtaining Information Security Management System (ISMS) certification and completing registration as a virtual asset service provider (VASP).</p><h2 id="header-0">Fostering transparency and security</h2><p>The two entities will collaborate through multiple approaches, such as considering equity investments in the joint venture, working together on BitGo’s security solutions and digital asset custody technology, and leveraging Hana Bank’s expertise in financial services, security, and compliance. The scope of the partnership will expand as time goes on, they said.</p><p>“By working with a global leader, we will contribute greatly to the enhancement of confidence in the Korean digital asset market as well as consumer protection,” Hana Bank said.</p><h2 id="header-1">BitGo’s ongoing global expansion</h2><p>BitGo has been offering digital asset custody services to institutional clients since 2013, serving over 1,500 institutions in more than 50 countries, including the US, Switzerland, and Germany. It also provides custodial services for over 700 different digital assets, including Bitcoin.</p><p>“We aim to establish a long-term foundation in the Korean market, in line with the expected growth of the security token market there,” said Mike Belshe, CEO and Co-Founder of BitGo.</p>

Hana Bank to Establish Joint Digital Asset Custody Venture with BitGo

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