South Korean payment giant Toss is venturing into Web3, planning to develop its own Layer 1 public chain and issue its own native coin.

CoinFeed reported on April 6th that, according to Theblock, South Korean payment and banking giant Toss has disclosed that it is considering developing its own blockchain network and issuing a native cryptocurrency, possibly based on a Layer 1 mainnet and exploring Layer 2 scaling solutions. Sources familiar with the matter stated that Toss has not yet finalized its decision on whether to adopt a Layer 1 or Layer 2 architecture, and this decision is influenced by the progress of South Korea's Digital Assets Basic Law. This law will regulate key areas such as token issuance, stablecoins, and crypto ETFs. With the regulatory framework gradually becoming clearer, many traditional South Korean financial institutions are accelerating their deployment of Web3 products, focusing on Korean won stablecoins, in an attempt to seize the initiative in the digital finance era.