Korea Exchange affiliate firm KOSCOM has applied for five stablecoin trademarks amidst the wave of Korean won-backed assets taking over the market. It also plans to reorganize its crypto departments.
Summary
- KOSCOM has registered for five new brand trademarks as it prepares infrastructure to launch Korean-won backed stablecoins.
- The firm joins the list of major companies preparing to launch a won-backed stablecoin, with BDACS and fanC going ahead and launching their won-backed stablecoins.
According to the South Korean media outlet Seoul Finance, the Korea Securities Computing Corporation or KOSCOM has registered for five stablecoin-related trademarks, which include KSDC, KRW24, KRW365, KOSWON, and KORWON.
The firm’s recent move reflects the evolving stablecoin market in South Korea, which has seen an emergence in Korean won-backed stablecoin projects competing for dominance.
KOSCOM is known for providing tech solutions for the Korean stock exchange, as well as acting as a trading platform for the nation’s financial securities and futures markets. It has also provided trading solutions for securities exchanges in a number of Southeast Asian nations, including Laos, Cambodia and Malaysia.
As part of the shift to “proactively respond” to the stablecoin wave sweeping South Korea, KOSCOM has decided to reorganize its crypto and digital assets departments. One of its recent business moves included an expansion and reorganization of its existing Future Business Division into the “Digital Asset Business Promotion TF Division,” an organization directly under the firm’s chairman.
The department is in the process of pursuing a new mechanism that provides proof-of-concept for stablecoin technology and studies its potential to be used for capital market settlement.
In addition, the team plans to release stablecoins that are designed to facilitate payment for subscriptions and distribution processes. The company hopes to gradually develop and verify stablecoins to enhance payment convenience and stability.
KOSCOM joins South Korea’s stablecoin wave
Head of the KOSCOM Digital Asset Business Promotion TF, Kim Wan-seong described stablecoins as a new means of payment that is already emerging in several parts of the world. This shift was made more apparent with the creation of regulatory frameworks like the STABLE Act in the United States and the Stablecoin Ordinance in Hong Kong.
So far, South Korea has not come up with a solid government-issued guideline to formalize the stablecoin market.
“As a leading capital market IT company, KOSCOM will actively engage in various technological developments and research to advance the digital asset market in line with the market trend of stablecoins spreading,” said Kim in his statement.
KOSCOM has become one of the newer players to join in the stablecoin race. Most recently, firms like BDACS, Toss and fanC have gone ahead and expressed interest in launching South Korean won-backed stablecoins. On Sept. 18, BDACS’ KRW1 became the first won-supported stablecoin to be available on the Avalanche blockchain.