Busan Digital Asset Exchange Officially Launched... Brand Name is 'Bidan'

Announcement at 'Blockchain Week in Busan 2024'

Kim Sang-min, CEO of Busan Digital Asset Exchange, is announcing the brand 'Bidan' at 'Blockchain Week in Busan 2024' on the 28th. Photo by Busan Digital Asset Exchange

Busan Digital Asset Exchange announced its official brand name, "BDAN," and held its formal launch ceremony at "Blockchain Week in Busan 2024" held on the 28th.

BDAN is an abbreviation of "Busan Digital Asset Nexus," symbolizing not just a simple digital asset trading platform but a means to connect and interact with people to transform everyday life.

Kim Sang-min, CEO of Busan Digital Asset Exchange, stated, "BDAN was inspired by the fact that silk traditionally held intrinsic value as a commodity and was also used as a medium of exchange, like currency." He added, "We aim to become a digital finance hub connecting East and West through the Digital Silk Road." He further explained, "The brand graphic (CI) of BDAN embodies the meaning of 'Inspire,' representing happiness and support for people within the new value that blockchain will create in the future."

Busan Digital Asset Exchange has completed a memorandum of understanding for the acquisition of "Sengold," a blockchain-based digital goods trading platform with a cumulative transaction amount of 1.1 trillion KRW and 1.18 million members, to start trading digital physical goods including gold. Sengold is a platform trading exchange certificates for seven types of precious metals and non-ferrous metals such as gold, silver, and copper, operating on a blockchain-based system that allows purchased assets to be withdrawn as physical goods or sold according to market prices. All assets traded on Sengold are securely stored as physical assets in security vaults of Korea Gold Exchange, the nation's top gold distributor, and are managed to promptly respond to members' withdrawal requests.

CEO Kim Sang-min said, "The signing of the memorandum of understanding for the Sengold acquisition will be an important first step for the commencement of transactions at Busan Digital Asset Exchange. In addition to the seven products already listed on the current platform, various real-world assets (RWA) will be traded." He added, "In the future, Busan Digital Asset Exchange will open a new horizon to grow beyond being the best in Korea to becoming a global STO exchange."

Meanwhile, Busan Digital Asset Exchange is expected to accelerate its role as a developer providing blockchain-based urban innovation models. As a core company in the blockchain special zone and an anchor company in the opportunity development zone, Busan Digital Asset Exchange plans to expand its scope to RWA and STO exchanges.