1. Major Investments by Hana Financial Group and SK Telecom
2. Developing South Korea's Crypto Ecosystem
3. Strategic Importance for South Korea’s Crypto Market

South Korea’s major telecom and financial giants, SK Telecom and Hana Financial Group, have become significant shareholders in BitGo. This was announced by BitGo CEO Mike Belshe during the Korea Blockchain Week 2024 event in Seoul.

Major Investments by Hana Financial Group and SK Telecom

Hana Financial Group, one of South Korea's largest financial institutions, acquired a 25% stake in BitGo Korea. Meanwhile, the country's leading telecommunications provider, SK Telecom, secured a 10% share.

Developing South Korea's Crypto Ecosystem

Hana Financial Group aims to strengthen the crypto ecosystem by providing secure and reliable custody services through BitGo Korea. SK Telecom plans to leverage its expertise in user authentication, security, and identity verification to improve the accessibility of BitGo’s services for Korean clients.

Strategic Importance for South Korea’s Crypto Market

BitGo Korea was established earlier this year as a joint venture between BitGo and Hana Bank, following an initial partnership that began in September last year. The company is currently working towards obtaining a license as a virtual asset service provider (VASP) in South Korea.

The involvement of Hana Financial Group and SK Telecom as strategic investors in BitGo Korea is a significant step forward for South Korea's crypto market. By combining their strengths in finance and telecommunications with BitGo’s expertise in digital assets, these companies lead the way in the adoption of cryptocurrency in the country, paving the way for further growth and innovation.