Dunamu, Hana Financial Launch Live Blockchain Remittances with POSCO

South Korea's Hana Financial Group, POSCO International and Dunamu, operator of crypto exchange Upbit, have moved their blockchain remittance system into live trade transactions with POSCO as the first real-world test case.

The three companies signed a trilateral memorandum of understanding on Tuesday at Hana Financial Group's Seoul headquarters. The agreement follows a successful proof-of-concept earlier this year by Hana and Dunamu, which used Dunamu's GIWA Chain to demonstrate reduced settlement times and costs compared to SWIFT.

POSCO International now handles real transaction flows, Hana manages remittance processing, fund settlement and foreign exchange, and Dunamu provides GIWA Chain infrastructure and transaction records, per a Wednesday announcement.

POSCO International president Lee Gye-in states, “We have established a foundation for mid-to-long-term partnerships with leading domestic companies in the fields of digital finance and digital assets.” The partners aim to build a working model for real-time blockchain remittances before year-end.

POSCO recently issued blockchain-based foreign currency digital bonds worth approximately 140 billion won ($95 million) with HSBC and last year launched a blockchain-based global payment system with JP Morgan.