Web3 financial platform Backpack and publicly listed South Korean firm SK Securities announced a partnership Oct. 29 to offer Korean equities trading to international investors through the Backpack app.
The collaboration allows eligible non-resident foreign investors to access the historically restricted South Korean stock market. The initiative also establishes a framework for the two companies to develop tokenized securities and real-world assets.
Under the agreement, SK Securities will manage underwriting, issuance and securities distribution. Backpack will provide blockchain infrastructure, digital asset custody and its global user base to facilitate the trades.
“Korean equities have long been out of reach for most global investors and we’re changing that,” Armani Ferrante, co-founder and CEO of Backpack, said in a statement. Ferrante added that the partnership reflects the company’s focus on combining regulatory compliance with blockchain innovation to expand access to financial products.
The joint venture builds upon Backpack’s existing U.S. securities platform, which integrates traditional brokerage services with blockchain-based distribution. Backpack currently operates a regulated crypto exchange and self-custodial wallet, reporting more than $450 billion in trading volume across over 150 countries.
SK Securities is traded on the Korea Exchange. The companies stated they will collaborate across the entire lifecycle of the assets, subject to applicable local laws and regulations.
This article is published on BitPinas: Backpack, SK Securities Partner to Offer Korean Equities Trading on Web3 App
What else is happening in Crypto Philippines and beyond:
No Comment! Be the first one.