TL;DR:
- Toss, the South Korean fintech giant, is evaluating the launch of its own native blockchain and a cryptocurrency on a layer 1 mainnet.
- The company is also analyzing the development of a layer 2 network to improve scalability, though the decision is held back by local regulatory hurdles.
- Toss has already registered dozens of stablecoin-related trademarks and is developing a Web3 wallet integrated into its mobile platform.
Toss, the South Korean fintech giant, is evaluating the launch of its own blockchain network and a native cryptocurrency, according to a report published by Blockmedia. According to a source cited in the report, the company is considering building a layer 1 mainnet with the possibility of adding a layer 2 network to improve ecosystem scalability.
The final decision on which architecture to adopt has not yet been made. According to the same source, the internal process is slowed down by delays in the approval of the Digital Asset Basic Act, a comprehensive legislative project that South Korea has been developing for some time to regulate token issuance, stablecoins and cryptocurrency ETFs. Without that regulatory clarity, companies prefer not to commit resources in a direction that could end up misaligned with the legal framework that is ultimately approved.
Toss Awaits a Clear Regulatory Framework to Avoid Surprises
Since South Korean authorities began working on legislation to bring order to the digital asset market, a considerable and growing number of traditional financial institutions accelerated the development of Web3 products aimed at their clients. A large share of those initiatives revolves around stablecoins denominated in the Korean won, which the government promotes as the cornerstone of the digital finance system it seeks to establish in the coming years.
Over the past year, Toss registered dozens of trademarks linked to stablecoins and is advancing the development of a Web3 wallet designed to integrate natively with its mobile platform, which already counts millions of users in the local market. Its user infrastructure and expertise in digital payments would allow it to establish itself as one of the companies best positioned to rapidly scale a crypto offering if regulatory conditions allow.
For now, Toss has made no public statements about its plans in the blockchain industry, and the final scope of the project will depend largely on the shape that cryptocurrency industry legislation takes in South Korea.
