A new business office under CEO Chung Woo-jin is coordinating a group-wide review, with NHN KCP leading stablecoin work, pursuing a VASP license and testing payments infrastructure with Ava Labs and NHN PAYCO.
NHN has identified blockchain, Web3 and digital assets as core new business areas and is building a group-wide strategy that includes a potential Korean won stablecoin business, ZDNet Korea reported. Earlier this year, the company set up a new business office directly under Chief Executive Officer Chung Woo-jin to oversee new ventures across the group, while a new business strategy team handles execution. The new unit is laying the groundwork this year through hiring, analysis of global use cases and market trends, and reviews of service strategy, business models and possible outside partnerships. Payments affiliate NHN KCP is leading the stablecoin effort, after working with Ava Labs on mainnet development and a proof of concept for stablecoin payments and settlements, and forming a task force with NHN PAYCO to integrate digital wallets. NHN KCP is also pursuing procedures to obtain a VASP license within the year. If won stablecoins are institutionalized, NHN could use affiliates spanning payments, gaming, commerce and ticketing to build a broader distribution and payments ecosystem, though concrete plans are likely to depend on legislation and further consultations with financial authorities.