Shinhan Asset Management partners with Plume on tokenized fund pilot
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Shinhan Asset Management in South Korea signed an MOU with blockchain network Plume to create a proof of concept for a Korean won-denominated tokenized fund. The pilot will utilize a Shinhan ultra-short-term bond fund as the underlying asset and use BlackRock’s BUIDL tokenized fund as a benchmark to test issuance and distribution. Compliance measures such as whitelist-based transfer restrictions, onchain operations, KYC, and AML checks will also be tested.
Why it matters
The pilot seeks to explore the overseas use of won-denominated financial products in blockchain markets, which have predominantly focused on dollar-denominated assets. Successfully developing this could open new possibilities for onchain trading of Korean currency financial products.
Key context
This initiative follows other Shinhan Financial Group activities in blockchain and token payments, including Shinhan Card’s MOU with the Solana Foundation on stablecoin payments and Shinhan Bank’s completed stablecoin remittance pilot in July 2023. This aligns with South Korea’s evolving stance on crypto and digital assets.
Key numbers and entities
Shinhan Asset Management, Plume (blockchain network), BlackRock’s BUIDL tokenized fund, Shinhan Financial Group affiliates Shinhan Card and Shinhan Bank. No numerical figures beyond dates are provided.
What remains unclear
The source does not flag open questions or limitations. Details such as the pilot project timeline, technical specifics of the tokenization, or outcomes expected remain unspecified.