The City of Busan, South Korea’s second largest, has long planned to launch a digital asset exchange. It flirted with numerous cryptocurrency exchanges until this February, when it finally settled on the BDX Consortium to operate the exchange for tokenized real world assets (RWA) but not crypto. Earlier this month the 11 founders injected 10 billion won ($7.4 million), triggering a six month clock until the launch of the exchange.
The biggest names in the BDX Consortium are Hana Bank and Hana Securities. However, the group is led by ITcen, a listed IT consultancy that also operates a gold digital asset exchange, Korda. Other backers include Main Street Ventures, NHN Cloud, Barunson, Ocon, Optimus Block Korea, and Withers Partners Korea.
February’s announcement outlined the range of eligible assets, including gold, silver and other precious metals, commodities, intellectual property rights and carbon emission rights. Additionally it will include real estate, infrastructure and other assets such as ships. The latter links to Busan being Korea’s main port.
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