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Business Expansion, South Korean Insurance Company Forms Special Blockchain Division
A South Korean insurance company, Kyobo Life, announced the formation of a dedicated crypto asset unit to expand blockchain-based business reach on Tuesday (5/12). This move includes developing projects such as Security Token Offerings (STO) and Real-World Assets (RWA) as preparations for increasingly mature digital asset regulations. The new unit has actually been officially established since April to respond to leadership's push for business expansion. ​
The unit will manage the medium- to long-term digital asset roadmap for Kyobo Group, including plans for cross-border payment services using stablecoins and establishing foreign entities focused on crypto assets. Additionally, Kyobo Life is also developing supporting infrastructure such as crypto wallets, remittance services, custody, and a dedicated platform for RWA. ​
In its implementation, this insurance company has partnered with various global industry players like Ripple to test government bond trading technology using blockchain infrastructure. Kyobo Life is also the only South Korean insurance company participating in Circle's public Arc testnet, the issuer of the USDC stablecoin. With total assets under management reaching 128 trillion won (approximately $92.8 billion), Kyobo Life's entry is predicted to accelerate the integration of crypto assets into the regulated financial system and encourage the emergence of various new alternative investment products.