South Korea’s Hana Bank, a major commercial bank in the country, has partnered with BitGo, a decade-old crypto custody business, to develop the bank’s digital asset custody services to commence in the second half of next year, Forkast reported.

The duo announced the partnership today at Korea Blockchain Week in Seoul, according to a Korea Economic Daily report. 

As part of the partnership, Hana Bank and California-based BitGo plan to explore the possibility of setting up a joint venture to tap the bank’s experience in financial services and compliance, as well as Bitgo’s crypto security expertise.

A Hana Bank representative told the Daily that it hopes to raise trust and contribute to consumer protection in the domestic digital asset market through the partnership.

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