South Korea's Hana Financial, POSCO International and Upbit operator Dunamu have moved their blockchain remittance system into live trade transactions.
South Korea's Hana Financial Group, POSCO International and Dunamu, the operator of the crypto exchange Upbit, have signed a trilateral memorandum of understanding (MoU) to launch their blockchain-based remittance system, with POSCO International serving as the first real-world test case.
The agreement, signed Tuesday at Hana Financial Group's Seoul headquarters, follows a successful proof-of-concept (PoC) completed earlier this year by Hana and Dunamu, which showed that blockchain could reduce settlement times and costs compared to the traditional SWIFT framework. That pilot used Dunamu's proprietary GIWA Chain to replace SWIFT's messaging network for cross-border transfers.
The new MoU allows the system to be tested on real trade transactions for the first time, with POSCO International handling the actual fund flows, the company said in a Wednesday announcement.
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