NHN Steps Up Blockchain Push, Weighs Korean Won Stablecoin Business

NHN has identified blockchain, Web3 and digital assets as core new business areas and is drawing up a group-wide strategy that includes a potential Korean won stablecoin business.

ZDNet Korea reported on July 30 that NHN set up a new business office earlier this year reporting directly to Chief Executive Officer Chung Woo-jin. The office oversees new businesses across the group, with a new business strategy team in charge of execution.

NHN is laying the groundwork this year by naming blockchain, Web3 and digital assets as key new business fields and hiring specialized talent. It plans to analyze global business cases and market trends, establish service and business strategy, and consider partnerships with outside companies.

The new unit's launch also sets the stage for a group-level review of a Korean won stablecoin business. Payments affiliate NHN KCP currently leads related efforts and stands to play a central role in any future stablecoin business across the group.

NHN KCP recently worked with Ava Labs, the developer of the Avalanche blockchain platform, on mainnet development for stablecoin payments and settlements and on a proof of concept. It also formed a stablecoin task force with NHN PAYCO to pursue digital wallet integration.

The company is also preparing to obtain a virtual asset service provider, or VASP, license. NHN KCP is pursuing the relevant procedures with the aim of securing the license within the year.

If Korean won stablecoins are institutionalized, the group could build a distribution and payments ecosystem using its affiliates. One option under discussion is linking payment services with its gaming business, e-commerce solutions company NHN Commerce and NHN Link, which operates a ticket-booking platform.

Specific business plans are unlikely to take shape until related laws and regulations are in place. Bills for a Digital Asset Basic Act have been submitted to the National Assembly, and additional discussions with financial authorities are still needed.