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Hana Securities to unveil security token platform in August 2024

Collected: 2023.12.13

Distributed: 2023.12.14

Source: Go Direct

Hana Securities headquarters in Yeouido, Seoul. [Courtesy of Hana Securities]

Hana Securities Co., a Seoul-based investment banking service provider, will launch a security token platform, a set of tools for blockchain-based financial services, in August 2024.

According to sources familiar with the financial industry on Tuesday, Hana Securities joined hands with tech firm ITCEN Group to build a security token platform in November. The project will take about ten months to be completed, with the company’s plan to deploy dozens of employees into the work every month.

The project will aim to link the traditional trading system with distributed ledger technology, the foundation of blockchain. Building the connection requires a range of technologies from various fields, such as blockchain wallets and smart contract platforms.

Hana Securities said that the development was the first step to take and adjustments would follow to ensure compliance with potential regulations on blockchains.

In addition to constructing the security token platform, Hana Securities will strive to build a complete blockchain ecosystem to enable companies with diverse underlying assets to issue token securities.

The securities firm has been in talks with a leading Korean entertainment agency for partnership on fractional investment, according to sources. The two sides recently had their first meeting, the sources said.

Hana Securities also signed memorandums of understanding (MOUs) with 15 firms to step up its efforts for asset tokenization.

By Choi Keun-do and Han Yubin

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