- BitGo has added new partners for its Korean branch.
- The company said the development will institutionalize the local crypto market.
- BitGo’s Korean branch has applied for a local license.
Digital asset trust company BitGo has partnered with South Korea’s telecom giant SK Telecom and Hana Financial Group as major shareholders in its local entity, BitGo Korea.
BitGo established its Korean branch earlier this year as a joint venture with Hana Bank. This came after the two companies initially collaborated in September 2023 under a partnership that sought to strengthen trust in the domestic digital asset landscape and foster consumer protection.
BitGo Korea’s New Institutional Partners
According to a September 3 report by Yonhap News Agency, BitGo CEO Mike Belshe announced the partnership on Tuesday during the Korea Blockchain Week event in Seoul.
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As part of the deal, Hana Financial acquired a 25% stake in BitGo Korea, while SK Telecom acquired a 10% stake in the crypto custody business. According to the report, the move aims to support BitGo Korea in its expansion efforts and ultimately lay the foundation for the institutionalization of the domestic crypto market.
While Hana Financial sought to provide “reliable” digital asset custody services alongside BitGo, SK Telecom said it would leverage its know-how in security, identity verification, and user authentication to make the offerings more accessible to clients.
Meanwhile, BitGo Korea is in the process of acquiring a virtual asset service provider (VASP) license from the country’s Financial Securities Commission (FSC).
Read about South Korea’s crypto investor protection law:
South Korea Enforces Crypto Investor Protection Law
Stay updated on charges against ex-Terraform Labs CFO in South Korea:
Ex-Terraform Labs CFO Hit with Fraudulent Marketing Charges
