ItcenGlobal Completes Validation of KGLD Issuance and Redemption, Seeks to Secure Domestic and Overseas Trading Markets
TECHWORLD ·
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ItcenGlobal said it has completed the build-out of an issuance and redemption system for K-Gold (KGLD), a gold-backed real-world asset (RWA) token, and finished technical and operational validation on the 28th.
The company said it verified through pilot issuance and redemption in physical gold that issuance and redemption work in practice, and explained that the business focus has shifted from the token issuance stage to the stage of securing a trading market.
ItcenGlobal is in talks with multiple exchanges at home and abroad over listings, and is refining its issuance and operating structure while maintaining its existing gold-backed and redemption framework.
ItcenGlobal said it has completed the build-out of an issuance and redemption system for K-Gold (KGLD), a gold-backed real-world asset (RWA) token, and finished technical and operational validation related to KGLD issuance and redemption on the 28th. ItcenGlobal said it has completed a pilot run of KGLD, carried out a pilot issuance of KGLD, and also completed redemption in physical gold.
ItcenGlobal said it verified through pilot issuance and redemption in physical gold that KGLD issuance and redemption work in practice, and that the completion of this validation has shifted the business focus from the token issuance stage to the stage of securing a trading market. Accordingly, ItcenGlobal is pursuing the securing of a KGLD trading market.
ItcenGlobal is currently in talks with multiple exchanges at home and abroad over listings, and is reviewing the timing of KGLD's official unveiling in line with the listing schedule. KGLD's goal is a digital gold asset that can be used in domestic and global markets.
ItcenGlobal plans to maintain its existing gold-backed and redemption framework. At the same time, it is refining its issuance and operating structure in consideration of domestic and overseas virtual asset regulatory and policy environments, as well as future global distribution.
With overseas use of KGLD in mind, the company plans to reorganize its business structure so that trading and utilization in global markets are possible, including a review of potential overseas business bases. It also plans to establish an operating framework needed for the distribution stage. In addition, it is preparing a structure to secure market liquidity.
To secure liquidity, the company is pursuing allowing institutional investors and professional operators to participate in KGLD issuance and purchases. It is also promoting measures to support financial institutions and AI-based financial services in checking and using key information such as the status of reserve assets and redemption conditions. In addition, it is advancing the technology sophistication and operating framework sophistication of 'Agentic RWA.'
Under this plan, ItcenGlobal has positioned KGLD as a core pillar of its Web3 business. Its existing physical precious metals business and digital asset business are connected around KGLD. Korea Gold Exchange has capabilities in sourcing, refining and distributing physical assets, and the company is designing a structure that uses these capabilities to promote asset digitization and expand the scope of RWA and security token (STO) utilization for digitized assets.
The company has divided the functions of its physical asset business across group affiliates and related companies. Korea Gold Exchange handles sourcing, refining and distributing gold-centered physical assets, as well as the infrastructure for physical settlement, while Korea Gold Exchange Digital Asset is responsible for the technology and operations of the physical asset digitization platform, including KGLD. Creder is in charge of blockchain-based RWA on-chain and DeFi utilization areas.
Galaxia F& has secured control of the company as the largest shareholder as of last August and has an institutional STO business foundation, including approval for a securities investment brokerage business. According to the company, Galaxia F& plans to expand its role into physical asset commercialization, structuring, and institutional distribution.
ItcenGlobal says it will reinforce its business structure before KGLD enters overseas markets and then unveil the trading market. Accordingly, the official unveiling and the listing schedules on domestic and overseas exchanges are likely to be adjusted from the original plan. The company said it will disclose specific exchanges and timing once they are finalized.
An ItcenGlobal official said the company has completed validation of the entire process from KGLD issuance to redemption in physical gold. The official added that the key next step is to open a market where users can actually trade and use KGLD. The company plans to proceed with the unveiling after establishing a structure that also takes global markets into account.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407434
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Source: TECHWORLD
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