{"id":"open-asset","title":"Open Asset","content":"**Open Asset** is a South Korean financial technology company based in Seoul that specializes in [Web3](https://iq.wiki/wiki/web3) technologies. The company's primary goal is to become a major issuer of a [stablecoin](https://iq.wiki/wiki/stablecoin) pegged to the Korean Won, named [KRWO](https://iq.wiki/wiki/krwo). It focuses on integrating [blockchain](https://iq.wiki/wiki/blockchain) technology with the established, regulated financial system to develop a compliant and secure digital currency infrastructure. The company aims to provide services for payments, remittances, and digital asset management to both domestic users in Korea and a global audience. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo) [\\[2\\]](#cite-id-uYlynXnQ0nLpe8ML) \n\n## Overview\n\nOpen Asset was established by a team of experts with backgrounds in developing some of South Korea's most prominent [blockchain](https://iq.wiki/wiki/blockchain) and digital finance projects. Their stated mission is to create a digital currency system that is secure, practical, and compliant with financial regulations. The company's strategy is centered on its registration as an Electronic Financial Business operator, which allows it to operate within South Korea's legal framework for financial services.\n\nThe company's core product, the [KRWO](https://iq.wiki/wiki/krwo) [stablecoin](https://iq.wiki/wiki/stablecoin), is designed to be the foundation of a new digital payment ecosystem. By bridging [blockchain](https://iq.wiki/wiki/blockchain) capabilities with traditional finance, Open Asset seeks to set a new standard for how digital currencies are used for everyday transactions and international remittances. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo) [\\[2\\]](#cite-id-uYlynXnQ0nLpe8ML) \n\n## History\n\nThe origins of Open Asset's leadership team are tied to significant national projects in South Korea's digital finance sector. Between 2021 and 2022, key personnel who would later establish the company held leadership positions, including General Project Manager, for the Bank of Korea's [Central Bank Digital Currency (CBDC)](https://iq.wiki/wiki/central-bank-digital-currency-cbdc) project. This experience provided foundational knowledge in the technical and regulatory aspects of creating a state-backed digital currency. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)​\n\nIn 2023, the company conducted its first Proof-of-Concept (PoC) for the issuance of a Korean Won [stablecoin](https://iq.wiki/wiki/stablecoin). This initiative was carried out in collaboration with two major, though unnamed, commercial banks in Korea, demonstrating the technical feasibility of their model. During the same year, Open Asset also engaged in a token securities project with Korea Investment & Securities, indicating its early involvement in the broader field of digital assets. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)​\n\nA critical year for the company was 2024, when it achieved several key milestones. In 2024, Open Asset successfully registered as an Electronic Financial Business operator in South Korea, securing the necessary license to legally pursue its business objectives. Following this, the company completed a second PoC, this time focusing on the top-up and payment functionalities of its Korean Won [stablecoin](https://iq.wiki/wiki/stablecoin). This second test was conducted in partnership with a digital wallet company and a commercial bank, further validating its practical application for consumer payments. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)​\n\n## Technology and Infrastructure\n\n### KRWO Stablecoin\n\nThe company's primary product is [KRWO](https://iq.wiki/wiki/krwo), a [stablecoin](https://iq.wiki/wiki/stablecoin) designed to be pegged 1:1 with the Korean Won (KRW). This digital asset is intended to function as a stable medium of exchange for a variety of use cases, including digital payments and cross-border remittances. The [stablecoin](https://iq.wiki/wiki/stablecoin) serves as the foundational component of the digital payment system Open Asset aims to establish. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)​\n\n### Global Connectivity\n\nTo ensure its stablecoin can be utilized by international users, Open Asset is collaborating with [Kaia](https://iq.wiki/wiki/kaia) Labs. This partnership focuses on \"stablecoin orchestration,\" a technical framework designed to connect [KRWO](https://iq.wiki/wiki/krwo) with global digital currency ecosystems and facilitate its use outside of South Korea. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)​\n\n## Partnerships and Ecosystem\n\n### Korean Stablecoin Alliance (K-STAR)\n\nOpen Asset is a founding member of the Korean Stablecoin Alliance (K-STAR). The alliance's objective is to create a comprehensive infrastructure for [stablecoin](https://iq.wiki/wiki/stablecoin) issuance and management in Korea. As a member, Open Asset contributes its proprietary [stablecoin](https://iq.wiki/wiki/stablecoin) issuance technology to the alliance's one-stop infrastructure project. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)​\n\n### Technology and Compliance Partners\n\n* **Lambda256 Co., Ltd.:** Open Asset has partnered with Lambda256, a [blockchain](https://iq.wiki/wiki/blockchain) technology subsidiary of the Korean crypto exchange operator [Dunamu](https://iq.wiki/wiki/dunamu) [(Upbit)](https://iq.wiki/wiki/upbit), for [blockchain](https://iq.wiki/wiki/blockchain) infrastructure and compliance solutions. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)\n\n### Digital Wallet and Payment Network\n\n* **AhnLab Blockchain Company:** The company is partnered with AhnLab's [blockchain](https://iq.wiki/wiki/blockchain) subsidiary, a digital wallet provider, to integrate Open Asset's [stablecoin](https://iq.wiki/wiki/stablecoin) into its wallet services. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)\n* **ZeroPay:** Open Asset signed an agreement with the Korea Easy Payment Foundation, the operator of the ZeroPay payment network. This partnership aims to enable the acceptance of Open Asset's [stablecoin](https://iq.wiki/wiki/stablecoin) for payments across ZeroPay's network, which includes approximately 2 million merchants throughout South Korea. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)\n* **더즌 (dozn):** To further expand its payment capabilities, Open Asset partnered with dozn, a major payment network operator (Value Added Network provider) in Korea. [\\[1\\]](#cite-id-Ww7ZBAJaCqO3eaDo)","summary":"Open Asset is a South Korean Web3 fintech company aiming to issue the Korean Won stablecoin, KRWO. 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