Bdan, Hashed, and Npay Sign Agreement to Develop Web3 Wallet for Busan Citizens
Seoul, South Korea,, May 30th, 2025, Chainwire
Partnership to co-develop decentralized digital wallet underpins broader effort to deliver citizen-centric Web3 services
The Busan Digital Asset Exchange (Bdan), global blockchain investment firm Hashed, and Naver’s fintech arm Npay announced on Friday that they have signed a formal agreement to jointly plan and develop a decentralized Web3 wallet designed for citizens of Busan.
Under the agreement, the three parties will collaborate to build a safe, convenient, and citizen-facing wallet service—tentatively named “Bidan Jumuni” (“Silk Pouch”)—as part of a broader initiative to deliver Web3 infrastructure through a “Busan Super App.”
Bdan will lead the initiative as the principal operator, leveraging its regional perspective to create services rooted in civic participation. Hashed, supported by its venture-building arm ShardLab, will contribute as the Web3 technology partner, drawing on its proven track record in NFT ticketing, decentralized identity (DID) verification, and digital asset infrastructure design. Npay will bring its extensive payments infrastructure—serving over 34 million users—as well as its operational experience across finance, payments, and commerce, to help ensure a frictionless user experience.
Beyond wallet development, the three companies agreed to explore additional innovation-driven services to provide Busan residents with meaningful, tech-enabled experiences. The partnership also signals a shared commitment to leveraging blockchain technology in ways that directly benefit local communities.
“We are pleased to take this innovative first step toward Busan’s digital future with Npay and Hashed,” said Sangmin Kim, CEO of Bdan. “As the company that led the successful launch of Korea’s first real-world asset-backed digital asset exchange, Bdan will continue to take the lead in positioning Busan as a pioneer in the digital economy.”
In a joint statement, Hashed and Npay emphasized their shared intent to leverage each organization’s core strengths, adding that “this partnership aims to deliver tangible innovation for the citizens of Busan.”
About Hashed
Hashed, established in 2017, is a web3 venture capital that focuses on investment and research in global startups and decentralized protocols. Hashed team operates offices in Seoul, San Francisco, Singapore, Bangalore, and Abu Dhabi. Hashed has been the earliest supporter of many pioneering blockchain teams globally. Hashed supports its portfolio companies as a ‘second team,’ helping web3 founders build global mass adoption.
About Bdan
Busan Digital Asset Nexus (Bdan) is the only ‘4th generation blockchain-based decentralized digital asset exchange’ in Korea and the first exchange in the country led by local governments with 100% private capital.
It operates a real world asset (RWA) exchange called ‘Bdan’ and is an anchor company in Busan Metropolitan City’s global digital finance and blockchain hub city development plan.
About Npay
Naver Pay is a mobile payment service that was originally launched by Naver Corporation in June 2015. In 2019, the service was spun off into a separate entity called Naver Financial, which now operates and manages the platform. Naver Pay allows users to make payments, manage finances, and transfer money quickly and securely through Naver’s ecosystem. Conveniently linked with services like Naver Shopping and Naver Webtoon, Naver Pay offers a seamless and efficient financial experience directly from mobile devices. As of today, it serves over 34 million users, making it the most widely used digital payment service in South Korea.
