- BitGo Korea's Key Partners
- BitGo's Market Expansion Plans
- Partnership's Significance for Crypto Market
Global digital asset custody firm BitGo has strengthened its presence in South Korea by adding SK Telecom and Hana Financial as major shareholders and strategic partners.
BitGo Korea's Key Partners
At Korea Blockchain Week 2024, BitGo CEO Mike Belshe announced that Hana Financial had acquired a 25% stake, while SK Telecom holds a 10% stake. The partnership aims to expand BitGo’s footprint in the local market and support the institutionalization of cryptocurrencies in South Korea.
BitGo's Market Expansion Plans
Hana Financial has pledged to advance the local cryptocurrency sector by providing trusted cryptocurrency custody services through its partnership with BitGo Korea. Meanwhile, SK Telecom will leverage its expertise in user authentication, security, and identity verification to enhance the accessibility and security of BitGo services for customers. BitGo Korea is also preparing to apply for a license to become a virtual asset service provider in Korea.
Partnership's Significance for Crypto Market
BitGo, which currently has around $70 billion in assets under custody, noted that around 20% of bitcoin traded on-chain is traded through its infrastructure. The partnership marks a significant step in expanding BitGo Korea’s influence and accelerating the growth of institutional cryptocurrency adoption in Korea.
This strategic partnership represents an important step in the development of the cryptocurrency market in South Korea, promoting its institutionalization and increasing trust from major financial players.
