BIDAN Launches Web3 Wallet, Expands RWA Tokenization in Busan

Busan Digital Asset Nexus (BIDAN), a privately funded exchange led by the city of Busan, is developing a unified Web3 wallet and expanding real-world asset (RWA) trading to establish a city-level digital ecosystem. According to CEO Kim Sang-min, the platform aims to create a comprehensive digital environment where a single wallet manages administrative services, payments, and asset management, with potential for nationwide and international expansion following successful implementation in Busan.

Tokenizing Physical Assets for Market Access

BIDAN facilitates transactions by digitizing tangible assets including precious metals and commodities. The platform offers e-gold, a digital product directly linked to physical reserves stored in secure vaults operated by the Korea Gold Exchange. Users can convert digital holdings into physical gold subject to minimum withdrawal requirements and applicable taxes.

The exchange is expanding its portfolio beyond metals to include non-mineral commodities such as coffee beans, crude oil, cocoa, wine, and carbon credits. Under this framework, asset owners issue vouchers representing physical holdings, which are then distributed and traded on the platform. BIDAN conducts regular inspections to verify the existence and storage conditions of these assets, ensuring reliability for investors.

Market Accessibility and Operational Improvements

According to Kim, BIDAN prioritizes asset stability before expanding its product lineup, with secure storage verification serving as a core principle. Once stability is confirmed, the platform introduces new investment options aligned with market demand. This approach enables individual investors to access commodity markets previously dominated by a limited number of participants.

Following its acquisition of a precious metals trading platform previously associated with the Korea Gold Exchange, BIDAN implemented management efficiency measures that resulted in a financial turnaround. The business shifted from losses to profitability within a relatively short period, with transaction volumes increasing significantly during this time.

BIDAN Pouch: Web3 Wallet Integration

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

According to Kim, existing Web3 wallets typically focus on basic functions such as holding digital assets or accessing non-fungible tokens. BIDAN Pouch is being designed as a city-level system that connects everyday activities with digital finance. The wallet is expected to support administrative services, public payments, identity verification processes, and financial transactions within one unified interface.

Busan’s Strategic Infrastructure and Regulatory Environment

Kim highlighted Busan’s strategic advantages, noting that the city has a population exceeding three million and possesses well-developed logistics, transportation, and port infrastructure. Busan operates as a blockchain regulatory free zone, providing a supportive environment for experimentation and innovation.

Kim suggested that digitizing traditional industries such as shipping and manufacturing could unlock new economic opportunities and position Busan as a global testbed for emerging technologies. This vision aligns with BIDAN’s broader ambition to establish a scalable digital infrastructure model that can be replicated in other cities.

Global Expansion Outlook

BIDAN expects the rollout of BIDAN Pouch to mark a significant milestone in its development. According to Kim, the platform aims to demonstrate how Web3 technologies can integrate seamlessly with urban systems and daily life. If successful, the model could be exported internationally, supporting the adoption of blockchain-based financial and administrative solutions in other regions.