Kakao Pay and Kakao Bank have signed a memorandum of understanding with Fireblocks to explore secure digital asset infrastructure in Korea, the companies said. The agreement is intended to help establish secure onchain infrastructure for the country's emerging digital asset market and to strengthen its early ecosystem.
Under the agreement, the three companies will jointly examine business opportunities based on Korean market conditions and infrastructure demand. With a focus on stablecoins, they will explore digital asset distribution frameworks suited to Korea's regulatory, security and service requirements, and plan proof-of-concept tests to assess how applicable those frameworks are.
The companies expect the collaboration with Fireblocks to accelerate the effort, citing Kakao's nationwide reach and its expertise across fintech and banking. Fireblocks said it has deployed digital asset infrastructure for more than 2,500 global institutions, including more than 100 banks.
Michael Shaulov, chief executive and co-founder of Fireblocks, said reliable digital asset infrastructure engineered to meet institutional requirements from the start is important for banks and payment platforms in Korea, and is a prerequisite for widespread adoption. Yun Ho-young, chief executive of Kakao Bank and co-head of Kakao Group's Stablecoin Task Force, said the two sides would combine their technology and expertise to develop secure and accessible digital asset services. Shin Won-keun, chief executive of Kakao Pay and co-head of the same task force, said the alliance lays a foundation for digital asset distribution in Korea.