As the estimated market capitalization of Real World Assets surpasses $7 billion, the collaboration is aimed at building a privacy-preserving security token offering integration platform that maintains regulatory compliance
GENEVA, June 21, 2024 /PRNewswire/ — Mina Foundation, the organization serving the Mina Protocol, a zero-knowledge (ZK) blockchain, has signed a strategic memorandum of understanding (MoU) with Mirae Asset Financial Group (MAFG) concerning MAFG’s proposed development of a security token offering integration platform on the Mina Protocol. Aimed at preserving user privacy while maintaining regulatory compliance, this proposed platform will be designed with a goal to enable eligible users to benefit from security token ownership as the market for Real World Asset (RWA) tokenization expands.
Transparency, a key feature of Ethereum and other blockchains, may be a barrier to institutional adoption, as many traditional investors and companies may prefer or require greater privacy with respect to their transactions. With increasing interest in the tokenization market following spot Bitcoin ETF and spot Ethereum ETF 19b-4 filings approvals this year, there is demand for a regulatorily compliant, privacy-preserving solution that grants eligible participants exposure to this market, yet is designed with the goal of avoiding public disclosure of personal data, such as wallet information. Furthermore, as the tokenization industry matures, developing a regulatory-compliant solution arguably is necessary for the industry’s long-term survival. Focused on meeting the needs of the community and participants in the APAC region, this project is expected to be developed in collaboration with one of the winners of Mina Protocol’s hackathon at ETH Seoul 2024.
The MoU was signed in Seoul in the presence of David Park, Director of Asia Growth Strategy at the Mina Foundation, and Jihae Ryu, Director of the Digital Asset Task Force at MAFG. David Park said, “At Mina Foundation, we are committed to supporting the enhancement of privacy and making blockchain transactions even more secure. Our MoU with MAFG is a reflection of this commitment. Through this collaboration, we hope to extend the benefits of zero-knowledge proofs to a wider audience and instill confidence with the aim to enable users to prove ownership of their assets without the need to share publicly any other sensitive or personal data. We hope this development utilizing the Mina blockchain will pave the way for further expansion of ZK use cases among other financial institutions, across geographies.”
As part of the collaboration, it is envisioned that MAFG will integrate Mina Protocol’s ZK tech stack with MAFG’s existing security token unified platform, with a goal of releasing over the coming months a proof of concept (PoC) aiming to enable eligible users to safely prove ownership of their assets. The future system is contemplated to have two main components: first, a ZK rollup that will preprocess security tokens stored on a private ledger and export the selected data to the public blockchain; and second, a zkApp that will calculate vector commitments of the security token offerings and allow users to create a privacy-enhanced asset proof.
This collaboration is expected to set a new paradigm in the global financial market with a goal of enhancing user privacy protection while realizing scalability through innovative blockchain technology.
David Park, Director of Asia Growth Strategy at the Mina Foundation, is available for comments
DISCLAIMERS: The information contained in this release does not constitute or form part of, and should not be construed as, an offer or invitation to sell, a solicitation of any offer to buy, or a recommendation to purchase or offer to purchase (collectively, an “offer“) any security or token, including, without limitation, any security or token in the United States or any other jurisdiction. User and participant eligibility is expected to be subject to certain requirements, limitations and exclusions to be determined and otherwise subject to compliance with applicable law.
About Mina Protocol
Mina Protocol is a next-gen zero knowledge (ZK) blockchain designed with the intention for proving anything. Rather than apply brute computing force, Mina uses advanced cryptography and recursive zk-SNARKs to design an entire blockchain that is fixed at 22KB, the size of a couple tweets. Lightweight and accessible, Mina enables efficient implementation and easy programmability of zero knowledge applications (zkApps). With Mina Protocol’s enhanced privacy features and off-chain execution model, developers can build novel applications that bridge the real world and crypto — with a goal of bringing users closer to the secure, democratic future we all deserve. For more information, visit https://minaprotocol.com/.
About Mina Foundation
Mina Foundation aims to advance the goal of creating a secure web3 with zero knowledge proofs powered by Mina Protocol — ushering in a new era of private and scalable applications — by administering grants, fostering community growth, and educating builders about Mina Protocol in the wider world. Mina Foundation is domiciled in Geneva, Switzerland.
About Mirae Asset Financial Group
Mirae Asset Financial Group is a global investment specialist company that offers competitive services across major business sectors, including Global, IB, Trading, WM, and PI. As of the end of December 2023, Mirae Asset Financial Group’s total assets under management worldwide amounted to approximately 600bn USD.
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