South Korean fintech giant Toss eyes launching native cryptocurrency: report

Toss, a South Korean payment and banking giant, is reportedly planning to develop its own blockchain network and cryptocurrency.

According to a report from local news outlet Blockmedia, Toss is considering launching a native cryptocurrency on a Layer 1 mainnet and potentially launching a Layer 2 network for scalability.

Citing a source familiar with the matter, the report said Toss has yet to decide whether to launch a Layer 1 or a Layer 2 network. This decision-making is reportedly being stalled due to delays in the Digital Asset Basic Act, a comprehensive crypto rulebook under development in South Korea addressing token issuance, stablecoins, and crypto ETFs.

Since local authorities began working on the bill to clarify the local digital asset space, a flurry of institutions has rushed to build Web3 products for their existing TradFi customers. Many of them involve Korean won stablecoins, which South Korea aims to promote as its mainstay for the upcoming age of digital finance.

Toss is already a part of the wave. Last year, Toss filed dozens of trademark applications related to stablecoins and is currently developing a Web3 wallet to work seamlessly with its mobile platform.

The Block has reached out to Toss for further comment.