South Korean Fintech Powerhouse Toss Advances Web3 Ambitions with Plans for Proprietary Blockchain and Native Token
By Perplexity News Staff
SEOUL, South Korea – South Korea’s leading fintech super app Toss, operated by Viva Republica, is reportedly planning to launch its own blockchain network and issue a native cryptocurrency, marking a bold step into the Web3 era amid evolving regulatory landscapes.
The development, first reported by The Block and corroborated by local outlet Blockmedia, positions Toss to integrate blockchain technology across its vast ecosystem of financial services. With over 30 million registered users and approximately 24 million monthly active users as of 2024, Toss aims to leverage this infrastructure for its “Money 3.0” strategy, which includes stablecoins, remittances, loyalty programs, and on-chain credit products.[2][3]
Strategic Pivot to Layer 1 or Layer 2 Blockchain
Toss is weighing options between developing a standalone **Layer 1 mainnet** or a **Layer 2 scaling solution** to enhance scalability. Sources familiar with the matter indicate that no final architecture has been decided, with deliberations closely tied to South Korea’s pending Digital Asset Basic Act.[1][2][3]
This comprehensive legislation, still under development, seeks to establish frameworks for token issuance, stablecoins, and cryptocurrency ETFs. Its delays have slowed Toss’s decision-making process, as the company awaits clearer regulatory guidelines before proceeding.[1]
“By 2026, we aim to complete a borderless financial super app by redesigning money itself—removing boundaries across borders, products, time and entities,” stated a company representative, underscoring the blockchain initiative as core infrastructure for future growth.[2]
Stablecoin Task Force and Web3 Wallet Integration
Supporting these ambitions, Toss has established a dedicated Stablecoin Task Force led by Chief Business Officer Kyuha Kim. In June 2025, the team filed trademarks for 24 Korean won (KRW)-backed stablecoin names, including “TOSSKRW.” These moves signal preparations for issuing a won-pegged stablecoin, potentially through a consortium model to distribute risk and boost interoperability.[3][4]
Additionally, Toss is developing a **Web3 wallet** integrated directly into its existing app, eliminating the need for separate downloads. The wallet will support virtual asset storage, transfers, payments, and tokenized securities management.[3]
Recruitment efforts further highlight commitment: Since February 2026, Toss has been hiring blockchain engineers for roles in wallet systems, API processing, node operations, cryptographic signing, and financial compliance.[3]
Broader Crypto Expansion: Acquisitions and Divisions
Toss’s blockchain push builds on prior initiatives. In early 2024, the company launched a dedicated blockchain division. More recently, in December 2024, it explored acquiring an overseas cryptocurrency exchange, focusing on institutional trading platforms like EDX Markets in the U.S.[5][7]
These steps align with announcements at high-profile events, such as Managing Director Seo Sang-hoon’s reveal at the government-hosted ‘2026 Blockchain and Cryptocurrency Management Conference’ (BCMC). There, Seo outlined plans to issue and distribute a KRW-backed stablecoin, potentially via a DApp store for applications like micro-investments, cross-border payments, and tokenized assets.[4]
A company spokesperson affirmed: “We view digital asset-based financial infrastructure as an important future area and are preparing for it. We are actively recruiting talented individuals with relevant expertise and broadly considering collaborations with various partner companies, prioritizing technology acquisition.”[3]
Regulatory Context and Market Implications
South Korea’s fintech sector is poised for transformation as regulators finalize the Digital Asset Basic Act. Toss’s moves could catalyze adoption, offering seamless integration of crypto services into everyday finance for its massive user base.[1][2]
Potential use cases abound: loyalty rewards on-chain, remittances without borders, and smart contract-based credit via its SohoScore model for small businesses. A proprietary token could underpin these, keeping transactions within Toss’s ecosystem for efficiency and fee retention.[2][6]
However, no launch timeline or technical specs have been confirmed. Plans hinge on regulatory approval and internal architecture choices.[3]
Toss’s Dominance in South Korean Fintech
From humble beginnings as a mobile transfers app, Toss has evolved into a comprehensive super app offering 290 services, including payments, trading, lending, and banking. Its growth trajectory mirrors South Korea’s tech-savvy population and supportive fintech environment.[2]
As competitors watch closely, Toss’s Web3 foray could redefine digital finance in Asia. Industry observers note that success here might inspire similar integrations by other super apps globally.[1][3]
While details remain fluid, Toss’s proactive stance—amid a crypto market resurgence—signals confidence in blockchain’s role in the next financial paradigm. Stakeholders await official announcements as Seoul’s laws take shape.
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