KOREA BLOCKCHAIN WEEK, SEOUL — BitGo, a crypto custodian based in California, has signed a strategic business agreement with South Korean commercial bank Hana Bank, BitGo said at Korea Blockchain Week on Tuesday.
The announcement comes three weeks after BitGo raised $100 million at a valuation of $1.75 billion.
BitGo also plans to open an office in Korea in the second half of next year after preparing necessary licenses to abide by local regulations.
Neither BitGo or Hana Bank immediately responded to CoinDesk's request for comment.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.