Shinhan Card said on the 30th that it signed a memorandum of understanding (MOU) with the global Blockchain platform Solana Foundation to cooperate on stablecoin payment technology and expand the Web 3.0 payment ecosystem.
First, the two sides will review the technical stability of the Blockchain network using the Solana testnet when payments occur between customers and merchants. In particular, they plan to explore user convenience and ways to utilize the service from the customer's perspective.
They will also verify additional stability for non-custodial wallets, a core infrastructure of the Web 3.0 ecosystem. A non-custodial wallet is a method in which an individual directly holds and manages the keys to a cryptocurrency wallet without an exchange, drawing strong interest because it can protect assets independently from exchange hacks or freezes.
Alongside this, they will push to develop a next-generation financial model that combines decentralized finance (DeFi) with traditional financial infrastructure. They plan to lay the technical groundwork through "smart contracts," which record pre-agreed contract terms on a Blockchain network so that the contract executes automatically when those terms are met, and through system monitoring.
A Shinhan Card official said, "Through this agreement, we will verify the practical applicability of Blockchain technology and, by combining Solana's infrastructure with Shinhan Card's know-how, do our best to introduce a safe and convenient payment environment in line with the timing of regulatory improvements." A Solana Foundation official said, "We will combine the trust of traditional finance with the efficiency of DeFi to complement the limitations of existing financial services."