BitGo Partner With SK Telecom And Hana Financial As Strategic Partners In South Korea
The partnership is designed to promote the institutional adoption of cryptocurrency in South Korea, an emerging market for digital assets.
Global digital asset custody firm BitGo has strengthened its foothold in South Korea by bringing on telecom giant SK Telecom and financial heavyweight Hana Financial Group as strategic partners and major shareholders of its regional arm, BitGo Korea.
The partnership is designed to promote the institutional adoption of cryptocurrency in South Korea, an emerging market for digital assets. Hana Financial Group and SK Telecom intend to facilitate BitGo Korea's growth within the nation by utilizing their expertise in financial services and technology.
Hana Financial Group acquired a 25% stake in BitGo Korea, while SK Telecom took a 10% stake, according to BitGo CEO Mike Belshe, who announced during Korea Blockchain Week 2024 in Seoul. This partnership builds on BitGo's existing joint venture with Hana Bank, which was established earlier this year after the companies initially partnered in September 2023.
Hana Financial Group, the third-largest financial institution in South Korea with assets totaling $441.4 billion in 2023, is set to offer secure and dependable cryptocurrency custody services. SK Telecom, commanding about 40% of the domestic telecommunications market, will lend its proficiency in user authentication, security, and identity verification to enhance the accessibility of BitGo's cryptocurrency services for institutional clients.
BitGo Korea is currently in the process of obtaining a license as a virtual asset service provider in the country. BitGo, founded in 2013, manages approximately $70 billion in assets under custody globally, with about 20% of on-chain Bitcoin transactions powered by its infrastructure.
