Kakao Pay and KakaoBank, two entities of South Korea’s Kakao group, have signed a memorandum of understanding with crypto infrastructure provider Fireblocks to explore digital asset and stablecoin opportunities. The companies will conduct proof-of-concept tests for infrastructure suited to South Korea’s regulatory framework, security requirements and market needs. Fireblocks already provides its infrastructure to over 2,500 institutions, including more than 100 banks. This partnership follows another MoU signed in July between Kakao Group and stablecoin issuer Circle. Several South Korean financial and technology players are currently exploring stablecoins as the country develops its regulatory framework for digital assets.
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