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Experimenting with Digital Financial Infrastructure with Optimism and Sunnyside Labs
Toss is partnering with global blockchain company Optimism and privacy solution developer Sunnyside Labs to verify a next-generation digital financial infrastructure based on the Korean Won.
Viva Republica, the operator of Toss, announced on the 8th that it has signed a strategic Memorandum of Understanding (MOU) with Optimism and Sunnyside Labs to explore the possibility of developing a Korean Won-pegged stablecoin.
These three companies plan to conduct a Proof-of-Concept (PoC) for the next three months to examine whether Optimism's core technology, 'OP Stack,' can be applied to the domestic blockchain-based digital financial infrastructure.
Key items for this technical verification include whether financial institutions can directly control payment and settlement processes, the technical feasibility of Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, and the ability to protect individual transaction information even on a public network.
These requirements presented by Toss are to meet the regulatory and security standards of traditional finance, and the three companies will verify them using the OP Stack and the privacy technology 'Privacy Boost.'
During the verification process, Optimism will be responsible for the blockchain-based infrastructure, and Sunnyside Labs, Optimism's official core developer, will handle the privacy technology.
Toss plans to use this collaboration as a starting point for verifying next-generation financial infrastructure and will explore ways to design dedicated infrastructure optimized for currencies and services.
Kim Kyu-ha, Chief Business Officer (CBO) at Toss, stated, "We will verify the possibility of building a compliance-based digital financial infrastructure optimized for the Korean market by utilizing Optimism's proven OP Stack."
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