Building Korean Won stablecoin ecosystem by integrating Web3 and the traditional financial system
[메가경제=양대선 기자] On the 11th, Open Asset (CEO Kim Kyungup), a block chain fin-tech company with stablecoin issuance technology, announced that it had raised around KRW 5 billion strategic investment from Dozn, a leading financial VAN provider (CEO Jo Hancheol)
It’s gaining traction as a key achievement following the move into Seoul Startup Hub Gongdeok. Operated by Seoul Business Agency, Seoul Startup Hub is an institution that systematically supports leading startups in Seoul. It not only discovers early-stage startups and provides office spaces, but it also offers a variety of customized scale-up support programs, including investors matching, business networking, regulatory consulting, and more, helping startups grow.
It is a preemptive investment that reflects the drastic transformation of the global digital asset ecosystem. The investment came amid the enactment of the U.S GENIUS Act, the restructuring of stablecoin regulations, and the acceleration of digital asset policies under Korea’s new administration. It aims to position itself as the first ‘regulatory-friendly Web3 financial platform’ in the market.
In particular, the two companies are gaining attention as they have agreed to collaborate on development by identifying synergies between their respective strengths. They are co-developing a hybrid financial service that selectively combines network integration with major financial institutions from Dozn and stablecoin issuance technology from Open Asset. As a unique and practical cooperative model different from traditional partnerships, it not only leverages their respective specialties but also maximize complementary synergies, leading the financial ecosystem.
As their partnership is based on the integration of traditional finance and Web 3 ecosystem, they have developed a roadmap that offers a new paradigm for digital asset financial services. This reflects the market’s recognition of Open Asset’s innovative block chain technology and stablecoin issuance capabilities.
The core of the partnership is launching an integrated service that directly connects both OpenMint, a stablecoin issuance service from Open Asset, and Dozn’s financial payment infrastructure.
Open Asset will utilize Dozn’s financial linked network to directly issue a Korean stablecoin, as well as offer white-label issuance services on behalf of companies wishing to issue stablecoin under their own brand names. It aims to expand its range of Web3 financial use cases, including real-world payments.
They are co-developing an integrated service that combines Dozn’s firm banking and Kakao Authentication system with Open Asset’s stable coin issuance system. Users have access to a service that enables real-time conversion between traditional banking and stablecoin, and vice versa. Additionally, stablecoin will be adopted at Dozn’s foreign exchange kiosks, allowing both domestic and international users to top up and exchange their cryptocurrencies.
Two companies are currently co-developing international remittance service based on a cost-efficient stablecoin by connecting Dozn’s cross-border settlement infrastructure and Open Asset’s on-chain technology. When they aim for global expansion, support including Web3 wallets, on-chain settlement infrastructure, rapid technology adoption, and secure management will be provided.
The partnership will enable Open Asset to directly connect with a stable VAN system featuring a duplex structure, integrated with major domestic financial institutions, and high-availability, SLA-based infrastructure for firm banking and virtual banking. This serves as a strength compared to other Web3 companies with weaker connections to financial institutions and is expected to act as the foundation for realizing a Web3 - traditional finance convergence model, such as settlement linkage between banks and wallets.
Dozn will leverage the Korea Won-based stablecoin to transform major financial services, including cross-border settlement, domestic and international seller payments, and unmanned kiosk currency exchange systems, into Web3 friendly services. The reason behind the investment lies in expanding services using Open Asset’s block chain technology and enabling a rapid market launch without the burden of proprietary R&D, all while maintaining the traditional financial infrastructure.
Kim Kyungup, the CEO of Open Asset, said, “We will lay the foundation for stablecoin to be used in real-world finance based on Dozn’s stable, duplex-structured financial network. The synergy will bridge the gap between Web3 and traditional finance, going beyond a simple investment.”
The CEO also added, “The company aims to become a leading player in building a Korean won-based stablecoin ecosystem, similar to Paxos, a global leader that issues stablecoin on behalf of global companies, by complying with the Korean won-based stablecoin issuance regulations expected to be established in the future, and competing with leading global stablecoin providers such as Tether and Circle.
Built on CBDC Division at Kakao, which carried out the Bank of Korea’s CBDC project and Won CIC, an in-house venture, Open Asset registered the trademark for the first time in Korea and co-developed and verified a dual-signature issuance system with two banks. Its blockchain technology has been recognized as a leading technology in Korea, having successfully completed a proof of concept for offline stablecoin settlement with AhnLab Blockchain Company, led the development of Korea Investment and Securities’ Security Token Offering, and participated in the Bank of Korea’s CBDC pilot.
It aims to actively hire talent in finance who will support the integration of traditional assets with digital assets to improve the stablecoin issuance system, ultimately becoming the first authorized stablecoin issuer in Korea.
Meanwhile, an official from Seoul Startup Hub said, “As a startup support institution, it is very encouraging to have innovative startups like Open Asset to grow rapidly and attract investment. Beyond offering working spaces, we will provide a range of active support services, including acceleration programs for global expansion, open innovation initiatives, investment networking opportunities, helping promising Web3 and Fintech companies stand out in both domestic and international markets.
[저작권자ⓒ 메가경제. 무단전재-재배포 금지]
