Key facts
- Toss Bank and Solana Foundation will collaborate on blockchain-based financial infrastructure.
- The initiative includes a proof-of-concept for global remittances and settlements using Solana.
- The first phase will focus on the technical feasibility of stablecoin remittances.
- Future phases will involve overseas partners and verification of AML/KYC processes.
- Toss Bank aims to improve speed and cost-effectiveness for its 15 million customers.
Toss Bank, South Korea's third-largest internet-only bank, has partnered with the Solana Foundation to explore the development of a blockchain-based financial infrastructure. The collaboration will begin with a proof-of-concept (PoC) focused on global remittances and overseas stablecoin transfers using the Solana blockchain, aiming to enhance speed and cost-effectiveness for its 15 million customers.
This partnership marks the first direct collaboration between a South Korean internet-only bank and the Solana ecosystem. Following the initial remittance PoC, both entities plan to work on further applications of blockchain infrastructure for payments, digital assets, and tokenized real-world assets (RWAs). Solana's network is noted for its fast finality and low fees, making it suitable for high-volume, instant settlements.
The deal comes as Toss Bank's parent company, Viva Republica, prepares for a potential US IPO in 2026 with a valuation exceeding $10 billion. This move into Web3 aligns with growing crypto adoption in South Korea, which is also implementing new foreign exchange controls on crypto transfers. The collaboration is seen as a significant step in bridging traditional finance with blockchain technology amid a global push for tokenization.