Bidax Revolutionizes Digital Payments with KRW1 Stablecoin Launch

Bidax Completes POC and Officially Launches KRW1 Stablecoin

Bidax has officially unveiled KRW1, a South Korean won-pegged stablecoin, after successfully completing its Proof of Concept (POC). This announcement on the 18th marks a critical advancement in South Korea's stablecoin ecosystem.

Following its trademark registration in December 2023, KRW1 underwent extensive development to refine its capabilities. The stablecoin utilizes a 100% reserve structure backed entirely by the Korean won, with secured funds deposited in Woori Bank, a trusted strategic partner of Bidax. To facilitate seamless transactions, Bidax introduced an integrated application that allows users to easily transfer and verify transactions.

Additionally, Bidax implemented an Application Programming Interface (API) integration, which ensures full transparency by allowing real-time monitoring of KRW1’s collateral status. This commitment to transparency and security solidifies KRW1 as a reliable and innovative financial instrument.

Visionary Payment Infrastructure for Public Sector Applications

Bidax is setting its sights on transforming payment infrastructures through the adoption of KRW1, especially within public-sector initiatives. One promising application is in livelihood recovery support funds, where the use of KRW1 could substantively reduce financial transaction costs.

As part of this initiative, Bidax is actively fostering partnerships with financial institutions and technology firms to enhance KRW1's functionality and usability. Bidax believes there is a substantial opportunity for KRW1 to become a technological benchmark as South Korea's digital asset framework continues to evolve. This positions KRW1 as a critical component in unlocking cost-efficient and scalable solutions for South Korea's public financial ecosystem.

KRW1 and Bidax: Driving Innovation in the Digital Asset Market

Ryu Hong-Yeol, CEO of Bidax, highlighted the company’s strategic vision:
“Bidax is not merely a custody company that stores assets. As a partner providing infrastructure for the digital asset market, we manage the assets of a wide range of clients—including corporations, institutional investors, and public institutions. KRW1 will enhance Bidax’s role and serve as a groundbreaking milestone in increasing customer value.”

By harnessing its innovative stablecoin issuance and management models, Bidax is carving out a leadership role in South Korea’s growing digital asset ecosystem. Through KRW1, the company aims to set new industry standards for transparency, efficiency, and usability, solidifying its reputation as a forward-thinking digital asset infrastructure provider.

With its robust framework, strategic partnerships, and commitment to financial innovation, Bidax is poised to redefine the future of payments and digital asset management in South Korea and beyond.