- Toss, operated by Viva Republica, is developing a Layer 1 (L1) blockchain core network and native cryptocurrency to power its financial platform which has 30 million users.
- South Korea’s draft digital assets law, currently under review, has delayed final decisions on whether Toss will opt for a layer 1 (L1) or layer 2 (L2) approach.
- A stablecoin working group, led by business director Kyuha Kim, registered 24 stablecoin trademarks in KRW as of June 2025, including “TOSSKRW”.
South Korean firm Toss hires blockchain engineers as mainnet projects advance into 2026
Fintech company Toss has around 30 million registered users, or almost 60% of South Korea’s population. Toss already operates Toss Bank, Toss Securities and Toss Payments within a single super-app. A blockchain mainnet would extend this infrastructure to on-chain finance, giving the company direct control over fees, governance and application development.
Blockmedia reported that Toss is considering two paths: building a complete Layer 1 (L1) network from scratch or deploying a Layer 2 (L2) solution on an existing chain. An internal source told the outlet that the teams had not yet made a decision, with the final decision depending on the progress of the digital assets framework law in South Korea.
A working group dedicated to stablecoins, led by commercial director Kyuha Kim, is already operational within the company. As of June 2025, Toss registered trademarks for 24 Korean won stablecoin names, including “TOSSKRW”. The company has been recruiting for blockchain engineers since February 2026, posting job openings covering wallet systems, APIs and transaction processing, node mining, crypto signing, and financial compliance.
Toss also confirmed that it is developing a Web3 wallet integrated directly into the existing app, requiring no separate downloads. This wallet would support virtual asset storage, transfers, payments and management of tokenized securities. A company spokesperson confirmed this direction in a press release:
“We see digital asset-based financial infrastructure as an important area of the future and we are preparing for it. We are actively recruiting talented individuals with the required expertise and are widely considering collaborations with various partner companies, prioritizing technology acquisition. HAS”
At the Seoul Blockchain Meetup 2026 conference in March, Director of Corporate Development Seo Chang-whoon presented the company’s “Money 3.0” framework. This concept revolves around programmable money using smart contracts, borderless finance operating without restrictions of currency, geography or time, and a stablecoin issuance and distribution strategy linked to real-world financial services.
The presentation included a proof of concept linking its SohoScore small business credit model to smart contracts for automated lending. Owning a mainnet gives Toss the ability to design its own pricing structure and service rules, avoiding dependency on external chains or exposure to third-party governance changes.
Experts cited by Blockmedia highlighted this as a key advantage over implementing on public networks. Professor Seokjin Hwang of Dongguk University noted that independent infrastructure avoids external dependencies and improves business scalability. Seungik Yoon of Tiger Research explained that a custom L2 on a proven network could enable faster tokenization.
Toss is not the only Korean company in the cryptocurrency sector to embark on the development of proprietary chain infrastructure. Dunamu, the operator of Upbit, is developing Kiwachain, an L2 Ethereum network. Hashed advances Maru, an L1 focused on Korean won stablecoins. Toss would enter this competition with a significantly larger existing user base.
Regulatory conditions remain a barrier. South Korea has yet to enact the Basic Law on Digital Assets, and current transaction settlement and foreign exchange laws make it difficult to issue stablecoins. According to the report, Toss has structured its entire blockchain recruiting and planning efforts around compliance readiness. The company also revealed that it is exploring partnerships with KB Financial and Samsung Card as part of its digital asset infrastructure projects. Neither company has made a public statement regarding these discussions.
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Toss recorded its first profitable year in 2024, with consolidated revenue of 1.956 billion South Korean won, or approximately $1.4 billion, an increase of 43% from the previous year. The company is targeting an IPO in the United States in 2026 with a valuation in excess of $10 billion.
No launch date or technical specifications regarding the mainnet have been confirmed. The plans are still in the discussion stage, and the company’s next steps depend on both regulatory clarification and an internal decision regarding L1 or L2 architecture.
