The Klaytn blockchain network, backed by South Korean internet giant Kakao, has unveiled a strategic partnership with PT Pelayaran Korindo and NEOPIN. Together, they aim to delve into the realm of asset tokenization, specifically concerning ship-related assets.
Korindo, an Indonesian conglomerate with a diverse portfolio spanning industries such as natural resources, logistics, heavy industry, paper, finance, and real estate, will collaborate with Klaytn in this venture.
In a statement, the Klaytn Foundation expressed its intention to create a tangible model for the tokenization of real-world assets, focusing on ship-related assets under the purview of Korindo’s shipping subsidiary. Traditionally, ship financing involves using the ships themselves as collateral, but by tokenizing these assets, the accessibility of ship finance is set to expand significantly. This expansion is expected to encompass both individual investors and institutions, contributing to the diversification of investment assets within the domain of Web 3-based finance.
The RWA initiative, initiated by Klaytn and commencing with the tokenization of ship assets, is anticipated to not only augment liquidity but also diversify investment avenues. However, the exact size and value of this tokenization project remain undisclosed as the partnership is still in the memorandum of understanding phase.
Sangmin Seo, the Representative Director of the Klaytn Foundation, noted that the blockchain network has acquired practical experience in service-building processes, ranging from identifying commendable RWA tokenization projects to launching tangible services.