<p>Blockchain firm PiLab Technology has signed a strategic memorandum of understanding (MOU) with Mirae Asset Securities to collaborate on creating Web3 infrastructure — namely Web3 technology for identity authentication — and identify asset management trends in the Web3 sphere. This comes in an effort to establish leverage in the emerging tokenized securities market, according to Korean news outlet <a href="https://www.fnnews.com/news/202312280847097278" rel="noopener noreferrer nofollow">The Block Post</a> on Thursday (KST).</p><p>“Through our collaboration with Mirae Asset Securities, we expect to play a major role in the convergence of blockchain technology and financial markets,” said Park Do-hyun, CEO of PiLab Technology. “PiLab Technology will continue to lead the way in making Web3 services more user-friendly.”</p><h2 id="header-0">Financial giants unite</h2><p>Mirae Asset Securities is the largest investment banking and stock brokerage company by market capitalization in South Korea. The firm previously co-founded a financial innovation consortium with telecommunications conglomerate SK Telecom called Next Finance Initiative, which is preparing to issue tokenized securities by operating a token securities working group on a global blockchain network. Hana Financial Group also recently joined the consortium as a member company.</p><h2 id="header-1">Pioneering services in Web3</h2><p>Meanwhile, PiLab Technology operates its own multichain network called Bifrost, which houses a deposit and lending DeFi service called BiFi. The company has previously raised KRW 14 billion (approximately $10.9 million) in funding from venture capital firms like Korea Investment Partners and more. Last month, PiLab <a href="https://coinnesslive.page.link/QAVhYTTDhiEDCuf1A" rel="noopener noreferrer nofollow">teamed up</a> with the Korea Information Certificate Authority (KICA) and Travel Rule solutions provider CODE to establish an authentication system to advance the country’s Web3 environment.</p>

PiLab Technology and Mirae Asset Securities to build Web3 infrastructure to navigate tokenized securities market

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