Key Takeaways
- • Hanwha Asset Management has formed a three-way partnership with Ripple and Canary Capital to build out its digital asset business, targeting digital asset ETFs and real-world asset (RWA) tokenization.
- • Canary Capital CEO Steven McClurg stated the goal is to launch an XRP ETF in South Korea, having previously launched the first XRP ETF in the United States with Ripple.
- • The alliance is positioned as a preemptive move ahead of South Korea's digital asset regulatory framework taking effect, with cooperation measures still under discussion according to industry sources.
- • Hanwha Financial Group is linking the alliance to its wider ecosystem, including a target to launch a digital asset platform next year and a roughly 9.8% stake in Dunamu, operator of Upbit.
- • Domestic rivals are moving in parallel: Mirae Asset acquired a 92% stake in Korbit, and Korea Investment & Securities took a 20% stake in Coinone.
Summary
Hanwha Asset Management has established a three-way partnership with blockchain firm Ripple and U.S. asset manager Canary Capital to pursue digital asset business opportunities, according to reporting based on financial investment industry sources on August 20. The collaboration pairs Hanwha's financial product design and management capabilities with Canary Capital's digital asset ETF development experience and U.S. market network, and Ripple's blockchain technology and international payments infrastructure. Key areas of cooperation are digital asset ETFs and RWA tokenization. The expected division of labor has Canary Capital leveraging its U.S. ETF experience, Ripple providing technology support, and Hanwha Asset Management developing products tailored to South Korean regulations and investor demand.
Canary Capital CEO Steven McClurg said, "We strongly believe that real-world asset tokenization is the future of the financial system," adding that the firm, working with the Ripple Foundation and Ripple, launched the first XRP ETF in the United States and aims to launch an ETF in South Korea as well. The partnership is described as a preemptive strategy to secure positions in stablecoins, digital asset ETFs, and RWA tokenization ahead of South Korea's digital asset regulatory framework taking effect. The parties are reportedly discussing specific cooperation measures to gain first-mover advantage.
The alliance also connects to Hanwha Financial Group's broader strategy. Hanwha Investment & Securities is preparing an integrated model spanning RWA tokenization, issuance, distribution and trading, with a digital asset platform targeted for launch next year. The group invested this year in web3 wallet provider Crysus and digital asset data platform Xangle, and holds roughly 9.8% of Dunamu, which operates Upbit, South Korea's largest virtual asset exchange.
Domestic competition is intensifying. Mirae Asset Consulting acquired a 92% stake in Korbit and renamed it "Digital X," with plans to expand into RWA and security token offerings. Korea Investment & Securities acquired a 20% stake in Coinone to form a strategic alliance. Global players are also entering: BitGo Korea, the local subsidiary of U.S. custody firm BitGo, received VASP registration approval, backed by investments from Hana Financial Group and SK Telecom. Visa, Mastercard, BlackRock, Coinbase, Google, Ripple and Standard Chartered are building ecosystems around dollar-pegged stablecoins and payment networks.
Commentators cited in the report, including Dongguk University professor Hwang Seok-jin, see an opportunity for Korean firms to lead as integrated digital platforms. However, the report notes concern that South Korea is lagging global competitors, with the key challenge being how quickly it can build a won-based payment and distribution ecosystem. This has increased calls for a regulatory framework, including the proposed Digital Asset Basic Act.
Canary Capital CEO Steven McClurg said, "We strongly believe that real-world asset tokenization is the future of the financial system," adding that the firm, working with the Ripple Foundation and Ripple, launched the first XRP ETF in the United States and aims to launch an ETF in South Korea as well. The partnership is described as a preemptive strategy to secure positions in stablecoins, digital asset ETFs, and RWA tokenization ahead of South Korea's digital asset regulatory framework taking effect. The parties are reportedly discussing specific cooperation measures to gain first-mover advantage.
The alliance also connects to Hanwha Financial Group's broader strategy. Hanwha Investment & Securities is preparing an integrated model spanning RWA tokenization, issuance, distribution and trading, with a digital asset platform targeted for launch next year. The group invested this year in web3 wallet provider Crysus and digital asset data platform Xangle, and holds roughly 9.8% of Dunamu, which operates Upbit, South Korea's largest virtual asset exchange.
Domestic competition is intensifying. Mirae Asset Consulting acquired a 92% stake in Korbit and renamed it "Digital X," with plans to expand into RWA and security token offerings. Korea Investment & Securities acquired a 20% stake in Coinone to form a strategic alliance. Global players are also entering: BitGo Korea, the local subsidiary of U.S. custody firm BitGo, received VASP registration approval, backed by investments from Hana Financial Group and SK Telecom. Visa, Mastercard, BlackRock, Coinbase, Google, Ripple and Standard Chartered are building ecosystems around dollar-pegged stablecoins and payment networks.
Commentators cited in the report, including Dongguk University professor Hwang Seok-jin, see an opportunity for Korean firms to lead as integrated digital platforms. However, the report notes concern that South Korea is lagging global competitors, with the key challenge being how quickly it can build a won-based payment and distribution ecosystem. This has increased calls for a regulatory framework, including the proposed Digital Asset Basic Act.
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