Busan’s BIDAN advances Web3 wallet and real world asset trading, benefiting Korean exports

Busan’s Busan Digital Asset Nexus (Bidan) is set to launch a city-level Web3 wallet and expand its real world asset (RWA) trading platform to boost commodity trading and enhance Korea’s global export capabilities.

BIDAN is an RWA exchange launched under the leadership of the city of Busan with 100% private capital. It digitises seven types of physical assets, including gold and silver, using blockchain technology. 

Kim Sang-min, CEO of Busan Digital Asset Nexus (BIDAN), stated, “The ultimate goal of Busan Digital Asset Nexus is to go beyond buying and selling assets and build a digital ecosystem with a single wallet that handles administration, payments, and asset management. Once use cases are implemented in Busan, we will expand nationwide and export the technology overseas.”

Tokenising physical assets and expanding commodity trading

BIDAN facilitates transactions by digitising various tangible assets, including precious metals such as gold and silver. For instance, the digital product “e-gold” traded on BIDAN is linked to physical gold stored securely in the vaults of the Korea Gold Exchange. Customers can withdraw physical gold in minimum units of 100 grams, subject to a 10% value-added tax.

The platform is broadening its offerings to include non-mineral assets like coffee beans, crude oil, cocoa, wine, and carbon credits, in addition to gold and silver. 

Physical asset holders issue vouchers to BIDAN, which verifies asset storage through regular inspections before distribution.

Kim Sang-min, BIDAN’s Chief Executive, emphasised prioritising asset stability before broadening the product portfolio in his interview with ChosunBix. 

Secure storage verification remains a core principle, with new investment options introduced based on market demand. This approach opens commodity markets previously dominated by a limited number of participants to individual investors.

BIDAN Pouch: A city-level Web3 wallet

Central to BIDAN’s strategy is BIDAN Pouch, a Web3 wallet designed to integrate financial and administrative functions into a single platform. Built on Dongbaekjeon, Busan’s local currency payment infrastructure, the wallet extends beyond traditional crypto storage and transfer capabilities.

Most existing Web3 wallets focus on basic functions such as holding digital assets and accessing non-fungible tokens (NFTs). In contrast, BIDAN Pouch aims to serve as a city-level system connecting everyday activities with digital finance. 

It is expected to support administrative services, public payments, identity verification, and financial transactions within one unified interface.

Leveraging Busan’s infrastructure for innovation

Busan has over three million residents and has developed strong logistics, transportation, and port infrastructure. Additionally, the city functions as a blockchain regulatory-free zone, encouraging innovation and experimentation.

There is potential to digitise traditional industries such as shipping and manufacturing, which can unlock new economic opportunities and position Busan as a global testbed for emerging technologies. BIDAN’s broader ambition is to establish a scalable digital infrastructure model replicable in other cities.

BIDAN expects 2026 as the inaugural year for BIDAN Pouch, aiming to set new standards for Web3 wallets by integrating administrative, payment, verification, and remittance functions. Success in Busan is expected to pave the way for nationwide adoption and international export of the technology.