South Korea’s top telecom and financial companies, SK Telecom and Hana Financial Group, have acquired significant ownership stakes in the Korean branch of the U.S. crypto company BitGo.
According to local news outlet Yonhap News Agency, BitGo’s CEO Mike Belshe revealed this at the Korea Blockchain Week 2024 event in Seoul today, September 3, 2024.
Hana Financial Group now holds a 25% stake in BitGo Korea, while SK Telecom acquired 10%.
BitGo Korea was established earlier this year as a joint venture between BitGo and Hana Bank, following their initial partnership in September of the previous year. Both companies reportedly collaborated to create a joint venture combining Hana Bank’s expertise in financial services and compliance with BitGo’s strengths in crypto asset management and security. At the time, a representative from Hana Bank stated that the partnership was intended to build trust and enhance consumer protection in South Korea’s digital asset market.
Meanwhile, this addition of SK Telecom is expected to strengthen BitGo’s presence in the local market and promote the institutionalisation of cryptocurrency in the country. The telecom firm reportedly brings its expertise in user authentication, security, and identity verification to enhance the accessibility of BitGo’s services for clients in Korea.
This development follows BitGo’s recent acquisition of a Major Payment Institution License from the Monetary Authority of Singapore (MAS). The licence allows BitGo to offer regulated digital payment token services in Singapore and provide secure custody through insured cold storage and access to liquidity for its clients.
Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia, highlighted the licence as a significant step in expanding BitGo’s global presence, ensuring top-tier digital asset solutions for clients across Asia. He also expressed eagerness to work closely with MAS to maintain regulatory compliance.
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