Canton

SEOUL, June 5 (UPI) — South Korea’s KB Securities said Friday it teamed with global blockchain network operator Canton Foundation and domestic digital asset company Wavebridge.

The Seoul-based brokerage said the three firms would explore ways to take advantage of the Canton Network, a blockchain platform built for regulated financial markets, to support distributed ledger-based capital market transactions.

Over the longer term, they also hope to collaborate on adopting distributed ledger-based financial products in South Korea.

KB Securities said that its ultimate goal is to enable the issuance and cross-border distribution of financial products backed by Korean assets.

Enabled by smart contracts, Canton Network allows participants to exchange data and value for the trading of real-world assets.

Several major global financial organizations participate in the Canton ecosystem, including Goldman Sachs, BNP Paribas, HSBC and Nasdaq, according to KB Securities.

“The transition to a distributed ledger-based capital market is an essential step for future finance. This transformation is already moving from concept to execution globally,” KB Securities CEO Kang Jin-doo said in a statement.

Canton Foundation leader Viv Diwakar welcomed the three-way partnership.

“Korea’s capital markets have the institutional depth and regulatory foundation to move decisively in the shift to distributed ledger infrastructure,” he said.

“This partnership with KB Securities and Wavebridge is an important first step in building that future, and Canton Foundation is committed to supporting Korea’s leadership in this space.”

KB Securities is not publicly listed. The share price of its parent company, KB Financial Group, rose 4.51% on Friday, while the benchmark KOSPI plunged 5.54%.