While SKT bought 10%, BitGo CEO Mike Belsh revealed at Tuesday’s Korea Blockchain Week 2024 event in Seoul, South Korea, that Hana Financial has bought 25% of BitGo Korea. Established earlier this year, BitGo Korea is the joint venture of the company with Hana Bank. BitGo first teamed with Hana Bank in September of last year.

The two business leaders from South Korea intend to assist BitGo Korea in increasing its presence in the local market, therefore paving the path for institutionalization of cryptocurrencies in South Korea.

While Hana promised to revitalize the local crypto industry by offering dependable crypto custody services with BitGo, SKT claimed it will offer its know-how in user authentication, security, and identity verification to make BitGo’s services more easily accessible to customers.

Currently getting ready for license as a virtual asset service provider in South Korea is BitGo Korea. Established in 2013, BitGo claimed to have under custody around $70 billion in assets and asserted that BitGo’s infrastructure accounts for roughly 20% of bitcoin exchanged on-chain.

With total assets of over 592 trillion won ($441.4 billion), Hana Financial Group was the third biggest financial services group in South Korea as of the end of 2023, according to local news agency Newsis. With over 40% of the market under control, SK Telecom is the top supplier of telephones in the nation.

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