PARAMETA and PSX are teaming up to build a security token platform together.
PARAMETA has signed a business agreement with PSX (CEO Seyoung Kim), operator of the unlisted stock trading platform Seoul Exchange Bisangjang, covering the joint development of a security token platform and broader business cooperation.
At the heart of the agreement is joint research into the infrastructure and technical building blocks needed to connect security tokens issued on PARAMETA technology with Seoul Exchange Bisangjang as a distribution platform, along with the development of service models around them.
To that end, PARAMETA will handle the overall technical development so that a wide range of security tokens can be traded safely through the platform PSX operates, building on PARAMETA S (STO as a Service), which delivers the full stack of security token technology through APIs. PSX plans to build out over-the-counter distribution channels for security tokens and focus on investor protection to support the growth of the industry.
Since its founding in 2016, PARAMETA has been one of Korea's leading blockchain and Web3 technology companies, driving innovation through blockchain platforms and services. Working with public institutions such as the Seoul Metropolitan Government, financial institutions including the Korea Financial Investment Association and major banks, and private companies such as Korea Gold Exchange, the company has delivered blockchain-driven innovation across finance and many other fields. Its track record in finance stands out in particular: MyID, the DID (Decentralized Identifier) identity verification platform designated as an Innovative Financial Service by the Financial Services Commission, has been applied to real-world identity verification in the banking sector with Shinhan Bank, NH NongHyup Bank and others. On the strength of those results and its potential, the company has attracted investment from financial players including Korea Growth Investment Corporation and Kiwoom Investment.
With the financial authorities' recent security token guidelines clearing up much of the uncertainty in the industry, interest in issuing and distributing security tokens has grown sharply. Building on the blockchain and Web3 technology and the operational experience we have accumulated, PARAMETA will do everything it can to help shape the security token ecosystem.
JH Kim, CEO of PARAMETA
PSX introduced a token wallet last year in preparation for security token distribution and has built up deep expertise in unlisted stock trading. Seoul Exchange Bisangjang, which PSX operates, was designated an Innovative Financial Service in April 2020 and has been leading innovation in the unlisted stock market while creating a safer investment environment. The collaboration draws extra attention because blockchain-focused investment firm Hashed is one of PSX's major investors — PSX and Hashed conducted joint research on security tokens in early 2022.
We are delighted to secure the core underlying technology for security token distribution through this partnership with PARAMETA, a company that has won numerous government projects. Drawing on our experience operating Seoul Exchange Bisangjang, Korea's leading unlisted stock trading platform, we will evolve into the number one security token distribution platform that investors trust.
Hyohyun Chu, CBO, recently appointed to lead STO at PSX
We hope you will follow along and support the security token platform and the businesses the two companies will build together. :)
[Reference] Read the full PARAMETA press release ▼
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Web3 Enabler, PARAMETA