Nikolas Sargeant
South Korean tech and finance giants SK Telecom and Hana Financial Group have become major shareholders in BitGo Korea, the local branch of the renowned cryptocurrency custody provider. The announcement was made by BitGo CEO Mike Belsh during Korea Blockchain Week 2024 in Seoul.
Strategic Partnership to Enhance Crypto Services in South Korea
This collaboration aims to strengthen BitGo's position in the Korean market and accelerate the adoption of cryptocurrency among institutions. Hana Financial, which acquired a 25% stake, plans to bolster the local crypto ecosystem by offering secure custody services. SK Telecom, with its 10% share, will contribute its expertise in user authentication, security, and identity verification to improve service accessibility.
BitGo Korea, a joint venture between BitGo and Hana Bank, is currently seeking a virtual asset service provider license in South Korea. The parent company, BitGo, manages approximately $70 billion in assets and facilitates about 20% of on-chain Bitcoin transactions globally.
Shifting Trends in South Korean Finance
A recent survey indicates that young South Koreans are increasingly skeptical of the national pension system, with many turning to cryptocurrencies and stocks as alternatives for retirement planning. This shift in perspective aligns with the growing interest in digital assets among various sectors of Korean society, including political candidates.
As South Korea prepares to implement stricter regulations for token listings on exchanges, the country continues to play a significant role in the global cryptocurrency market. The South Korean won remains one of the most traded fiat currency pairs in the crypto space, underlining the nation's importance in the evolving digital asset landscape.
