Blade Entertainment (Blade Ent) announced on the 23rd that it has signed a Memorandum of Understanding (MOU) with the U.S. token securities (ST) platform DwellFi, the metaverse, and Star Group Korea to issue token securities backed by physical gold coins.
Through this MOU, the partners will develop security token offering (STO) products based on physical gold coins as underlying assets. Blade Ent plans to actively support the establishment of a business model to ensure the successful integration of token securities on the DwellFi platform.
DwellFi is a Software as a Service (SaaS) platform company that provides secure liquid asset management using blockchain technology. The assets under management amount to $90 million (approximately 124 billion KRW), and it was recently nominated for the 2024 Financial Technology Forum (FTF) Technology Innovation Award.
Additionally, earlier this year, DwellFi signed an MOU with Shinhan Investment Corp. to develop STO products, moving swiftly to secure market leadership. Shinhan Investment Corp. was the first in the securities industry to be designated as an innovative financial service for STO in 2022 and possesses core competencies in the STO business, including building infrastructure that integrates blockchain with securities firm account systems.
A Blade Ent representative stated, “We have gained a great deal of know-how during the preparation process for the investment contract securities report and the designation of innovative financial services. Based on this, it will be very helpful in establishing a physical gold coin STO business model.”
In May of last year, Blade Ent signed an MOU with Kiwoom Securities through its subsidiary. It is also participating in the bank-led STO consortium led by NongHyup Bank, conducting business with △SH Suhyup Bank △Jeonbuk Bank △IBK △Shinhan Bank △Woori Bank △Galaxia Moneytree △Stockkeeper △Seoul Exchange △Tessa, among other fractional investment operators and the Korea Federation of Banks.
Alongside this, Blade Ent has signed an MOU with the credit rating agency Korea Investors Service and a business agreement with Cardo, a blockchain technology company specializing in virtual assets, continuing its active efforts in the STO business. The domestic STO market is currently undergoing institutionalization, with plans to allow STO issuance and distribution in the future and to enable the issuance of security tokens independently without going through securities firms if certain conditions are met.
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