In a strategic move to accelerate the implementation of Web3 technologies in South Korea’s second-largest city, the Busan Digital Asset Exchange (Bdan), blockchain investment company Hashed, and Naver’s fintech subsidiary Npay have entered into a formal agreement to co-develop a decentralized digital wallet tailored for Busan residents. The announcement was made on Friday, highlighting the collaborative vision behind the initiative, which seeks to drive forward a more connected and citizen-oriented digital ecosystem.
The planned wallet, provisionally named “Bidan Jumuni,” which translates to “Silk Pouch,” will serve as a core component of the city’s broader digital transformation efforts under the proposed “Busan Super App” framework. This application aims to centralize a range of civic and blockchain-powered services, delivering them through a unified and user-friendly digital interface. According to the terms of the agreement, all three entities will play distinct yet complementary roles in shaping this new infrastructure.
Combining Regional Insight with Technological Expertise
Bdan will spearhead the initiative, applying its knowledge of local governance and civic engagement to shape services that reflect the needs and expectations of Busan citizens. The organization intends to anchor the project within the city’s broader vision of digital inclusion and economic modernization.
Meanwhile, Hashed will contribute its expertise in Web3 architecture through its venture studio ShardLab, drawing on prior successes in decentralized identity (DID) systems, non-fungible token (NFT) ticketing, and blockchain-based asset infrastructure. The firm is expected to offer technological leadership in crafting secure and scalable decentralized services.
Npay, already serving a vast user base of over 34 million individuals, is expected to bring its operational prowess in digital payments, finance, and e-commerce to the table. The fintech company’s role will center on ensuring that the wallet service provides a smooth and familiar user experience while aligning with current financial compliance and transaction standards.
A Broader Vision for Tech-Enabled Civic Engagement
Beyond simply building a decentralized wallet, the three organizations have agreed to jointly pursue further services that harness blockchain innovations to enhance everyday life for Busan residents. These may include integration with city-level platforms, digital credentials, or community-based engagement tools that rely on decentralized technology.
All partners have expressed a unified belief that this alliance represents more than a product launch. Rather, it is viewed as a foundational step toward transforming how citizens interact with digital government and financial services. The partnership is also seen as reinforcing the city’s ambition to become a national and regional leader in the blockchain economy.
The leadership at Bdan conveyed that this development marks an important milestone in advancing Busan’s transition into a digitally empowered city. The company emphasized its previous achievement in launching Korea’s first digital asset exchange backed by real-world assets, positioning itself as a front-runner in digital innovation.
Representatives from Hashed and Npay echoed this sentiment, noting that the partnership is structured to make use of each organization’s respective strengths in blockchain technology, finance, and civic infrastructure. They conveyed 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.
As Busan continues its journey toward becoming a blockchain-specialized city, this agreement may be seen as a turning point in delivering citizen-first Web3 solutions that blend innovation, security, and accessibility.
