Kakao Pay and Kakao Bank have signed a memorandum of understanding (MOU) with Fireblocks to explore digital assets in Korea, with a focus on stablecoins.
Under the agreement, the three firms will study distribution models suited to Korea’s regulatory, security and service standards.
It combines Kakao’s reach across banking and payments with Fireblocks’ network of institutional clients.
They also plan to run proof-of-concept tests to see how the frameworks hold up under local rules.
“For banks and payment platforms in Korea, leveraging reliable digital asset infrastructure that is engineered to meet institutional requirements from day one is critically important,”
said Michael Shaulov, CEO and Co-Founder of Fireblocks.
“By combining our technology and expertise, we will develop secure and accessible digital asset services that expand our customers’ financial opportunities,”
said Yun Ho-young, CEO of Kakao Bank.
Featured image: Edited by Fintech News Hong Kong, based on image by Kakao Bank via its website starmultikharisma via Magnific.