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 deal covers security solutions, tech tie-ups and a possible joint venture, Korea Economic Daily reported. BitGo will assist Hana Bank in the development of custody services in the second half on 2024, according to a Forkast report.

The announcement comes three weeks after BitGo raised $100 million at a valuation of $1.75 billion.

Hana Bank has $448 billion in assets under management and has shown interest in digital assets in the past, with reports stating that the bank is “actively participating” in the Bank of Korea's ongoing central bank digital currency (CBDC) Proof of Concept project.

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.