Toss Bank Partners With Solana Foundation on Blockchain-Based Financial Infrastructure
Summary
- Toss Bank said it has signed a memorandum of understanding with the Solana Foundation to cooperate on building next-generation financial infrastructure based on blockchain technology.
- The two sides said they will jointly review ways to apply blockchain technology to existing financial services using the Solana network.
- Toss Bank said it will gradually test the potential use of blockchain-based financial infrastructure in areas including cross-border remittances and services linked to digital assets.
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Toss Bank said June 22 that it will work with the Solana Foundation to build next-generation financial infrastructure based on blockchain technology.
The South Korean internet-only bank signed a memorandum of understanding with the Solana Foundation on June 19. The Solana Foundation is a nonprofit that supports ecosystem expansion and technical infrastructure for Solana, the layer-1 blockchain network behind the SOL token.
The agreement is the first direct partnership between the Solana Foundation and a South Korean internet bank. The two sides plan to jointly examine ways to apply blockchain technology to existing financial services using the Solana network.
Toss Bank plans to gradually test potential uses for blockchain-based financial infrastructure in areas including cross-border remittances and services linked to digital assets.
"With Solana, we will help Toss Bank's 15 million customers experience global digital finance more quickly and at lower cost," Park Jin-hyun, head of strategy at Toss Bank, said.
"By combining the trust of traditional finance with the efficiency of blockchain, we will set a new standard for a faster and more seamless global remittance experience," Solana Foundation President Lily Liu said.
