LG CNS launches blockchain platform KITL for stablecoin and token securities services
Version 2: Two more outlets, Bloter and Asia Economy, have now reported the launch, with Asia Economy adding the company’s share price on the day; the platform details, partnerships and no-customer status are otherwise unchanged.
In short
LG CNS said on Oct. 6 that it launched KITL, a blockchain infrastructure platform that banks, brokerages, card companies and payment firms can use for stablecoins, token securities and real-world assets. The company said the platform provides an e-wallet, transaction processing, gas-fee delegation and transaction history collection, and that the wallet technology was extended from the Bank of Korea’s Project Hangang pilot, where seven banks and about 80,000 customers made real payments at convenience stores and marts. LG CNS said it also signed agreements with five global blockchain companies and foundations, including USDC issuer Circle.
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LG CNS said on Oct. 6 that it launched KITL (Keystone of Institutional Trust Landscape), a blockchain infrastructure platform for digital asset services. The company said banks, brokerages, card companies and payment firms can use it for stablecoins, token securities and real-world assets. Yonhap reported that the platform provides four functions: an electronic wallet, transaction processing, fee delegation and transaction history collection. [ 2 , 3 , 4 , 5 , 6 ]
According to the company, the e-wallet does not store private keys, instead creating them at the moment a signature is needed and discarding them afterwards. LG CNS said the technology is patented and allows wallets to be issued to tens of millions of customers without adding separate security hardware, which outlets said is normally needed because hardware security modules have limited storage. The transaction processing function tracks a requested transaction until it is reflected on the blockchain and returns the result, the fee delegation function lets a service provider share blockchain gas fees under a set structure, and the history collection function gathers records linked to the institution for settlement, accounting and audits. [ 2 , 3 , 4 , 5 , 6 ]
LG CNS said the e-wallet technology was extended from the Bank of Korea’s digital currency pilot, Project Hangang, from a private blockchain to a public blockchain. It said the technology was validated in that project with seven banks and about 80,000 customers who made actual payments at convenience stores and marts. The company also said KITL is designed to work across several digital assets and blockchain networks, so institutions can add business lines or networks such as Solana alongside Ethereum without building new infrastructure. [ 2 , 3 , 4 , 5 ]
The company said it signed business agreements with five global companies and foundations: Circle, the issuer of USDC; token securities platform firm Securitize; Canton Foundation; blockchain analytics firm Chainalysis; and Chainlink. ZDNet Korea reported that the cooperation covers digital asset infrastructure and solutions, tokenisation of funds and bonds under domestic rules, participation in the Canton network, transaction monitoring to detect and block criminal funds, and links between KITL and Chainlink services. [ 2 , 3 , 4 , 5 , 6 ]
Kim Hong-geun, vice president of LG CNS’s digital business division, said the company would provide the infrastructure and global partnerships needed for digital asset businesses so that financial institutions can start services at the same time related rules take effect. Business outlets described the launch as aimed at capturing infrastructure demand from financial firms preparing stablecoin and token securities services and at reducing duplicated investment, pointing to LG CNS’s financial and public sector system experience and the Project Hangang reference. Bloter noted that discussions on enacting a Digital Asset Basic Act are under way. Asia Economy displayed the company’s share price at 73,600 won, up 1,700 won or 2.36% from the previous day, as of 11:04 on Oct. 6. [ 3 , 5 , 6 ]
Why it matters
The platform targets financial institutions preparing stablecoin and token securities services as related rules move forward, which LG CNS said would let them start services at the same time the rules take effect. Business outlets described the launch as a bid to capture that infrastructure demand and reduce duplicated system building by financial firms. The documents name no financial institution as a customer, so the immediate commercial effect is not yet shown.
Key facts
- LG CNS said it launched the blockchain infrastructure platform KITL (Keystone of Institutional Trust Landscape) on Oct. 6. [ 2 , 3 , 4 , 5 , 6 ]
- The company said banks, brokerages, card companies and payment firms can use KITL for stablecoin, token securities (STO) and real-world asset (RWA) services. [ 2 , 3 , 4 , 5 , 6 ]
- KITL provides four functions, according to the company: an electronic wallet, transaction processing, fee delegation and transaction history collection. [ 2 , 3 , 4 , 5 , 6 ]
- LG CNS said the e-wallet does not store private keys, creating them only when a signature is needed and discarding them afterwards, a technology it has patented and which it said allows wallets to be issued to tens of millions of customers without extra security hardware. [ 2 , 3 , 4 , 5 , 6 ]
- The e-wallet technology was extended from the Bank of Korea’s digital currency pilot Project Hangang to a public blockchain, and was validated with seven banks and about 80,000 customers making real payments at convenience stores and marts. [ 2 , 3 , 4 , 5 ]
- The company said KITL is designed to work across multiple digital assets and blockchain networks, so institutions can extend business lines or add networks such as Solana alongside Ethereum using the existing infrastructure. [ 2 , 3 , 4 , 5 , 6 ]
- LG CNS said it signed business agreements with five global companies and foundations: Circle, the issuer of USDC; Securitize; Canton Foundation; Chainalysis; and Chainlink. [ 2 , 3 , 4 , 5 , 6 ]
- Kim Hong-geun, vice president of LG CNS’s digital business division, said the company would provide the infrastructure and global partnerships needed for digital asset businesses so that financial institutions can start services at the same time related rules take effect. [ 2 , 3 , 4 , 5 , 6 ]
Confirmed by several sources
- LG CNS launched the blockchain infrastructure platform KITL. [ 1 , 2 , 3 , 4 , 5 , 6 ]
- KITL offers an e-wallet, transaction processing, fee delegation and transaction history collection for financial institutions. [ 2 , 3 , 4 , 5 , 6 ]
- The e-wallet technology used in KITL was extended from the Bank of Korea’s Project Hangang and was validated with seven banks and about 80,000 customers in real payments. [ 2 , 3 , 4 , 5 ]
- LG CNS signed business agreements with Circle, Securitize, Canton Foundation, Chainalysis and Chainlink. [ 2 , 3 , 4 , 5 , 6 ]
- Kim Hong-geun of LG CNS said the platform and partnerships are meant to let financial institutions start services when related rules are implemented. [ 2 , 3 , 4 , 5 , 6 ]
Still unclear
- Whether any financial institution has signed on as a KITL customer, and when commercial services would begin. The documents describe the launch and partnerships but name no customer and give no service start date.
- Pricing, revenue or investment amounts for the platform. No document states any commercial terms or figures.
- The timing of the Digital Asset Basic Act, which outlets link to the platform’s market timing. Bloter says only that discussions on enacting the law are under way; no document gives a schedule or outcome.
- The content of the Newsis article text, which concerns a judiciary matter rather than the platform. Document 1’s article text does not match its headline, so only its headline was used.
What local media are saying
Timeline, local time
- LG CNS announces the launch of the blockchain infrastructure platform KITL, according to Newsis, Yonhap and Seoul Economic Daily. [ 1 , 2 , 3 ]
- ZDNet Korea publishes its report on the launch and the global partnerships. [ 4 ]
- Bloter publishes its report, noting that discussions on enacting a Digital Asset Basic Act are under way. [ 5 ]
- Asia Economy shows LG CNS shares at 73,600 won, up 1,700 won or 2.36% from the previous day. [ 6 ]
- Asia Economy publishes its report on the launch. [ 6 ]