Busan Digital Asset Exchange, which operates the digital real-world asset trading platform Bdan, is working with crypto exchange Flybit to speed up real-world asset (RWA) tokenisation and stablecoin business.

Wehub, an affiliate of Focus AI, the largest shareholder of Busan Digital Asset Exchange, said on May 28 it signed a share purchase agreement with Korea Digital Exchange, which operates Flybit.

Wehub and JM Coffee Group Chairman Yang Jae-seok (양재석), Wehub's largest shareholder, signed agreements to acquire 40 percent and 25 percent stakes, respectively, in Korea Digital Exchange, the operator of Flybit. They plan to become the largest shareholder through an additional paid-in capital increase.

The plan is to strengthen its position in won-denominated trading and as a virtual asset service provider (VASP), based on internal controls and anti-money laundering (AML) infrastructure that meet financial authorities' standards.

Flybit currently has a cumulative membership of about 1.24 million and cumulative trading volume of about 2 trillion won.

Busan Digital Asset Exchange said a successful combination of Bdan and Flybit's VASP qualifications and AML infrastructure, along with a won-denominated trading service to be pursued, would create a new growth model for South Korea's digital asset market.

Kim Sang-min (김상민), chief executive of Busan Digital Asset Exchange, said, "Through this acquisition of Flybit, we have secured a key ally that goes beyond simply obtaining an exchange and enables Bdan to leap into a comprehensive digital finance platform." He said, "We will organically combine Bdan's real-world asset trading capabilities and digital finance infrastructure to grow into South Korea's leading RWA and comprehensive digital asset trading platform."