South Korean city Busan advances in the direction of Web3 with citizen wallet endeavor

In a significant move towards digital transformation, the Busan Digital Asset Exchange (Bdan), in partnership with Naver's fintech subsidiary Npay and blockchain investment company Hashed, has announced the development of a decentralized digital wallet named "Bidan Jumuni" for Busan residents.

This partnership leverages each organization's respective strengths in blockchain technology, finance, and civic infrastructure. Bdan, with its achievement in launching Korea's first digital asset exchange backed by real-world assets, will lead the initiative. Hashed, a company renowned for its expertise in Web3 architecture through its venture studio ShardLab, will contribute its knowledge in this area. Npay, with a user base of over 34 million individuals, will bring operational prowess in digital payments, finance, and e-commerce.

The role of Npay will focus on ensuring a smooth and familiar user experience while aligning with current financial compliance and transaction standards. Hashed, on the other hand, will contribute its successes in decentralized identity (DID) systems, non-fungible token (NFT) ticketing, and blockchain-based asset infrastructure.

The "Bidan Jumuni" wallet is a core component of the "Busan Super App" framework, aiming to centralize civic and blockchain-powered services. The collaboration seeks to accelerate the implementation of Web3 technologies in South Korea's second-largest city, reinforcing Busan's ambition to become a national and regional leader in the blockchain economy.

The potential services may include integration with city-level platforms, digital credentials, or community-based engagement tools that rely on decentralized technology. The three organizations are planning to expand their collaboration beyond the development of a decentralized wallet, aiming to integrate blockchain innovations into everyday life for Busan residents.

The leadership at Bdan, Hashed, and Npay have expressed a unified belief that this alliance represents more than just a product launch, but a foundational step toward transforming how citizens interact with digital government and financial services. They have also expressed confidence that the collaborative approach will yield tangible benefits for the citizens of Busan, reflecting a model where technology serves public interest and community development.

The announcement was made on Friday, highlighting the collaborative vision behind the project. The partnership is viewed as a foundational step toward transforming the city's digital landscape and driving forward a more connected and citizen-oriented digital ecosystem in Busan. Furthermore, it may be seen as a turning point in delivering citizen-first Web3 solutions that blend innovation, security, and accessibility in Busan.