Busan Digital Asset Exchange (Bdan) announced on the 17th that it has acquired the only physical asset (RWA) exchange, 'SenGold,' in the country.
Through this acquisition, Bdan secures 100% equity in SenGold and will hold the SenGold platform along with all existing subscribers, assets, and IT professionals. After several months of due diligence and accounting evaluation, the final decision was made through a shareholders' meeting today following a board meeting.
SenGold is a physical asset platform operated by Korea Gold Exchange Digital Asset, a subsidiary of Korea Gold Exchange. As of the first quarter of this year, the total number of subscribers has exceeded 1.2 million, and the cumulative transaction amount reaches 1.2 trillion won, making it the only blockchain RWA exchange in the country.
Having already surpassed the break-even point (BEP) in the first quarter of this year, sufficient business sustainability and growth potential have been verified. Expectations of increased investment sentiment in safe assets like gold and the expansion of the digital asset market are anticipated to strengthen the growth momentum.
Currently, SenGold is trading seven types of physical-based digital assets including e-gold, e-silver, e-platinum, e-palladium, e-copper, e-nickel, and e-tin, and it is also possible to exchange for physical gold at Korea Gold Exchange. Bdan plans to significantly expand its trading items in the future to include flour, crude oil, Kakao, wine, and more.
Bdan is a digital asset exchange established based on a local government ordinance created by an agreement between the ruling and opposition parties of Busan City Council, and it is expected to achieve substantial growth by adding the brand value of the established public interest and stability to the SenGold platform.
Along with the platform acquisition, Bdan will change its exchange name to 'Bdan' and provide improved services to users. Previously, Bdan released the beta version of the country's first fourth-generation blockchain RWA exchange, Bdan, in December of last year, gathering feedback from users on improvements in UX, UI, and security.
In addition, Bdan plans to enhance both service quality and security levels by integrating its existing data and operational experience with its state-of-the-art system, accelerating the gradual transition to a comprehensive platform that includes security token offerings (STOs) and cryptocurrencies.
Kim Sang-min, CEO of Busan Digital Asset Exchange, noted, 'The platform that allows safe and easy investment in all assets in the world is Bdan,' adding, 'We aim to grow beyond the only fourth-generation blockchain RWA exchange in the country into a comprehensive exchange supporting world-class security token offerings (STOs) and cryptocurrencies.'