BitGo has announced a strategic partnership with Hana Financial Group and SK Telecom to enhance its footprint in the South Korean cryptocurrency market.

As part of this collaboration, Hana Financial has acquired a 25% stake in BitGo Korea, while SK Telecom holds a 10% stake.

Hana Financial intends to leverage its extensive experience to bolster the local digital asset market through its investment in BitGo Korea.

SK Telecom, which commands a 40% share of South Korea's telecommunications market, will contribute its expertise in user authentication, security, and identity verification to improve BitGo's service accessibility.

The partnership aims to promote the institutionalization of cryptocurrency in South Korea, potentially attracting more organizations to the digital asset market.

BitGo plans to establish an office in South Korea in the latter half of 2024, having secured the necessary licenses to operate as a virtual asset service provider.

Currently, BitGo Korea is in the process of obtaining its license to operate as a virtual asset service provider in South Korea.

Mike Belshe, CEO of BitGo, announced the partnership during the Korea Blockchain Week 2024 event held in Seoul.

Founded in 2013, BitGo is a significant player in the cryptocurrency market, managing approximately $70 billion in assets and facilitating about 20% of on-chain bitcoin transactions.

Hana Financial Group is one of South Korea's largest financial organizations, reporting a net profit exceeding $2.4 billion last year and managing total assets of around 592 trillion won ($441.4 billion).

This collaboration between BitGo, Hana Financial, and SK Telecom is expected to foster growth and innovation in the South Korean digital asset market.