Toss Bank Joins Forces with Solana Foundation for Blockchain-Backed Remittance Solutions

Toss Bank, an internet-only bank in South Korea, has partnered with the Solana Foundation to explore blockchain-based financial infrastructure. The partnership aims to develop next-generation cross-border payment infrastructure using blockchain technology.

The agreement focuses on conducting a phased proof of concept for international remittances on the Solana network, evaluating blockchain-based payment and settlement systems, and exploring financial services involving stablecoins and digital assets.

Toss Bank currently offers near real-time transfers and tracking for selected currencies, including the euro, Singapore dollar, and British pound. By adding blockchain-based settlement infrastructure, the bank aims to evaluate ways to make international transfers faster and more cost-efficient.