Polymesh Association, a world-renowned permissioned blockchain infrastructure provider, will sign a strategic partnership agreement with BDACS, a leading blockchain and digital asset custody company in Busan, South Korea on October 29, 2024.
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BDACS CEO Hong Yul Ryoo and Polymesh Association CEO Bill Papp, along with representatives from both organizations, will attend the signing ceremony at the Grand Chosun Hotel in Busan.
BDACS is the first Busan company and first virtual asset service provider (VASP) to receive approval for a VASP license since the South Korean government’s implementation of the Virtual Asset User Protection Act. The Company serves as a key custody service provider, similar to a bank, within the digital asset field. BDACS offers MPC wallets with institutional-level security and efficiency, as well as cold wallets, positioning itself as one of the leading companies in terms of digital asset custody technology. BDACS is also expanding in the Asia-Pacific region through partnerships with global blockchain companies.
Polymesh is a permissioned blockchain, designed to tokenize regulated assets like tokenized securities and Real-World Assets (RWA). The blockchain protocol facilitates compliance with various financial regulations, allowing the issuance and distribution of tokenized securities and RWAs. It has gained attention recently with the growth of RWAs and tokenized securities, and is collaborating with RWA projects worldwide to expand its applications.
Polymesh is also well known in South Korea, having been proposed as the RWA technology model for Busan’s Digital Asset Exchange.
Key Details of the Strategic Partnership
The two organizations have agreed to pursue the following through their partnership:
- Discovering and supporting promising RWA and tokenized securities projects in South Korea
- Collaborating on the enhancement and expansion of Polymesh’s RWA and tokenized securities protocol and ecosystem through marketing, custody support, and other efforts
- Joint cooperation to activate the Busan Blockchain Special Zone.
Significance of the Partnership
RWAs are tokens linked to real-world assets, such as real estate, bonds, and commodities like oil, gold, and carbon emission rights. These assets have been traditionally issued and distributed, and are now being tokenized through blockchain technology. RWAs include tokenized securities (STO), and, along with the increasing integration of digital assets into traditional financial markets (like Bitcoin ETFs), RWAs are gaining interest, with new products being developed and released.
In this context, the partnership between BDACS and the Polymesh Association will not only establish the technical infrastructure for promoting RWAs but also support promising RWA projects, helping to advance the digital asset ecosystem with higher technological standards. Additionally, this partnership will help guide the development of regulatory-compliant RWA products.
With the start of the development of Busan BDX earlier this year, which will focus on RWA trading, this partnership is expected to contribute to the activation of Busan BDX by listing and trading various promising RWA products.
As a result, blockchain companies are expected to naturally gather in Busan, leading to increased employment and added value, boosting the local economy. Ultimately, this will be a turning point for Busan to solidify its position as a global blockchain hub.
About Polymesh Association
The Polymesh Association is a not-for-profit dedicated to the growth of the Polymesh ecosystem through Polymesh and Polymesh Private. Polymesh is a leading public permissioned blockchain purpose-built for real world assets that streamlines capital markets and opens the door to new financial products. Polymesh Private is a private permissioned instance of Polymesh that can be deployed by enterprises. Visit polymesh.network to learn more.
About BDACS
BDACS is a leading regulated digital asset custodian in Korea built for institutions, delivering a wide-ranging suite of digital asset custody services, emphasizing secure, regulated solutions for custody, trade settlement, and extensive market access in Korea and globally.
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