South Korea’s second largest bank to provide crypto services

KEB Hana Bank, the second largest bank in South Korea, also took the crypto step. The institution has partnered with BitGo company, which provides custody and security services in the crypto space. The bank will provide crypto custody services from the second half of 2024. The announcement was made today during the South Korean Blockchain Week in Seoul.

In a joint press release from Hana and BitGo, he said:

The partnership will create an important milestone in the globalization of local digital assets and corporate promotion promotion in South Korea.

Hana, one of South Korea’s largest financial institutions, posted a profit of $2.4 billion last year. BitGo also stated in its press release that the reasons for choosing South Korea were the positive regulations in the country. BitGo raised $100 million in its Series C funding round in August, raising its market cap to $1.75 billion.

Negative signal for bitcoin bulls

On the other hand, Independent research and investment consultancy company Fairlead Strategies announced that the stochastic indicator gives a bearish signal from the overbought level. At the end of August, the stochastic, bearish signal that marked the peak in Bitcoin was interpreted negatively. It was stated that the drop in question may be a disappointment for Bitcoin bulls. Developed by George C. Lane in the 1950s, the stochastic broke above 80, signaling a loss of upside momentum. Working between 0 and 100, the indicator goes above 80, signaling overbought conditions. A sharp drop in overbought levels represents a weakening of the upside momentum.