Kyobo Life Insurance announced on December 3 that it has joined the public testnet of Arc, a blockchain network developed by Circle, a U.S.-based stablecoin issuer.
Circle is a global digital financial company that issues USDC, a U.S. dollar-based stablecoin. Through Arc, Circle is building a global collaborative ecosystem to establish blockchain-based payment and asset management infrastructure.
Arc supports a predictable stablecoin fee structure, transaction finality in less than one second, and the establishment of customized security systems for clients. With these features, it can be widely utilized in a range of financial services, including lending, capital markets, foreign exchange (FX), and global payments. Kyobo Life Insurance is currently the only domestic insurance company participating in Arc’s public testnet.
Kyobo Life Insurance’s participation is seen as a preparatory step toward actual business implementation after the institutionalization of digital assets, by pre-verifying the technological feasibility of stablecoin infrastructure.
A Kyobo Life Insurance representative stated, “Arc is a next-generation digital financial network involving various global players, with transparency and trust as its core values. As Korea’s leading life insurance company, we aim to drive trust-based financial innovation and contribute to creating a secure digital asset environment for our customers.”
Kyobo Life Insurance is also accelerating the expansion of the domestic digital asset ecosystem. In connection with the introduction of the fractional investment (distributed asset trading) system being promoted by financial authorities, the company is building related infrastructure by participating in a consortium for a fractional investment distribution platform, which includes Korea Exchange, Kiwoom Securities, and Kakao Pay Securities.
Fractional investment is attracting attention as a service that meets new asset management demands by digitizing real assets such as real estate, artwork, and music copyrights, and dividing and trading them in small units. Through this, Kyobo Life Insurance plans to accelerate its transformation into a comprehensive financial platform encompassing asset management, trusts, and insurance.
By participating in Arc and entering the fractional investment platform, Kyobo Life Insurance aims to strengthen its role as a digital financial hub connecting domestic and global financial networks. A Kyobo Life Insurance representative added, “We will continue to build a digital financial ecosystem that combines technology and finance to make our customers’ lives safer and more convenient.”
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