BitGo Expands with New Partnerships in South Korea

Global digital asset custody firm BitGo has added South Korea’s telecom heavyweight SK Telecom and leading financial institution Hana Financial as major shareholders and strategic partners of the company’s regional arm.

Hana Financial has acquired a 25% stake in BitGo Korea, while SKT acquired 10%, according to BitGo CEO Mike Belsh during a presentation at Tuesday’s Korea Blockchain Week 2024 event in Seoul, South Korea. BitGo Korea is the company’s joint venture with Hana Bank established earlier this year, after partnering with Hana Bank in September last year.

The two South Korean industry leaders aim to assist BitGo Korea in expanding its local market presence and ultimately establish a foundation for the institutionalization of crypto in South Korea.

Hana pledges to invigorate the local crypto sector by providing reliable crypto custody services in collaboration with BitGo, while SKT intends to leverage its expertise in user authentication, security, and identity verification to enhance the accessibility of BitGo’s services for clients.

Currently, BitGo Korea is preparing to acquire licensing as a virtual asset service provider in South Korea. Established in 2013, BitGo claims to manage around $70 billion in assets under custody and reports that approximately 20% of bitcoin traded on-chain flows through its infrastructure.

As of the end of 2023, Hana Financial Group ranks as the third-largest financial services group in South Korea, with total assets around 592 trillion won ($441.4 billion), according to local news agency Newsis. SK Telecom is the leading telecommunications provider in the country, possessing about 40% of the market.