BitGo Signs Strategic Agreement With Korean Heavyweight Hana Bank

The Californian company will develop custody services and security solutions, local media reported.

AccessTimeIconSep 5, 2023 at 10:01 a.m. UTC
Updated Sep 5, 2023 at 10:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.