The Solana Foundation has partnered with Toss Bank, the third-largest internet-only bank in South Korea. The bank intends to use Solana for payments and cross-border remittance, among other services.
Toss Bank and Solana Forge Partnership
Toss Bank has already signed an agreement with the Solana Foundation to test global remittance and settle infrastructure using the Solana Network. The bank will also assess the potential use of the stablecoins.
This agreement will mark the first partnership between a South Korean bank and the Solana network. According to this partnership, the Foundation and Toss Bank will work on further plans to apply blockchain to payments, crypto, and RWA assets.
The partnership will start with PoC, which will focus on global remittance and stablecoin transfers using the Solana network. This is because the Solana Network is fast and has low fees, making it suitable for high volume and instant payments.
Toss Bank Enters Blockchain
This agreement comes ahead of the major IPO by Viva Republic, parent company to Toss Bank. The company is planning the IPO valuation of more than $10 billion as it expands services across banking, payments, and securities.
The Bank will be advancing its web3 amid South Korea’s growing crypto adoption and regulation, which also includes foreign exchange controls on crypto beginning in December
Toss Bank and Solana represent an important step in bridging finance and blockchain in South Korea. Meanwhile, the Solana price has dropped by 74% in the last 24 hours to trade at $74, with daily trading volume up 15% to $21.9 billion.
