PARAMETA Joins Forces with PSX, Operator of Seoul Exchange, on Joint Development of a Security Token Platform and Business Cooperation
February 15, 2023, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced that it has signed an agreement with PSX (CEO Seyoung Kim), operator of the unlisted stock trading platform Seoul Exchange, on joint development of a security token platform and business cooperation.
At the heart of the agreement is joint research into the infrastructure and technical elements — and development of the service model — needed to connect security tokens issued using PARAMETA's technology to Seoul Exchange as a distribution platform.
To that end, PARAMETA is responsible for the overall technical development required so that a range of security tokens can be traded safely through the distribution platform PSX operates, on the basis of PARAMETA S (STO as a Service), which provides the full range of security token technology via APIs. PSX plans to build an over-the-counter distribution channel for security tokens and to support the industry's growth with a focus on investor protection.
PARAMETA is a leading Korean blockchain and Web3 technology company that has led technical innovation by providing blockchain platforms and services since its founding in 2016. It has driven innovation through blockchain technology across finance and other fields, 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 the Korea Gold Exchange. Its results in finance have been especially notable — applying MyID, its DID (Decentralized Identifier) identity verification platform designated as an Innovative Financial Service by the Financial Services Commission, to actual identity verification in the financial sector with Shinhan Bank, NH NongHyup Bank, and others. On the strength of this record and potential, it has attracted investment from financial institutions including Korea Growth Investment Corporation and Kiwoom Investment.
PSX introduced a token wallet last year for security token distribution and has accumulated expertise in unlisted stock trading. Seoul Exchange, which PSX operates, was designated an Innovative Financial Service in April 2020 and is leading innovation in the unlisted stock market while creating a safe investment environment. The collaboration draws additional attention given that Hashed, a blockchain-focused investment firm, is a major PSX investor; PSX and Hashed conducted joint research on security tokens in early 2022.
"With the financial authorities' recent announcement of security token guidelines resolving uncertainty in the industry, interest in security token issuance and distribution has risen sharply," said PARAMETA CEO JH Kim. "Drawing on the blockchain and Web3 technology and operational experience we have built up, PARAMETA will do its utmost to help form the security token ecosystem."
"I am glad to have secured the core underlying technology needed for security token distribution reliably, through business cooperation with PARAMETA, which has won numerous government projects," said Hyohyun Chu, recently appointed CBO and head of STO at PSX. "Building on our operational experience with Seoul Exchange, Korea's leading unlisted stock trading platform, we will evolve into the number one security token distribution platform that investors trust."
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