From Polsto to BXB: Why We Built Blockchain Middleware
In February 2023, Korea's Financial Services Commission announced its plan to revamp the regulatory framework for issuing and distributing token securities. It was the moment when the direction—recognizing distributed ledgers as a new form for issuing securities and building an institutional foundation for issuance and distribution—became a concrete policy document.
Our team responded by building a prototype of Polsto, a tokenized-securities issuance platform. Rather than leaving “tokenized securities” in a business plan, we wanted to find out what functions and connections an actual system would need.
Technology and legislation, however, do not move at the same speed. The legislative process took longer than we had initially expected. We had to reconsider whether it made sense to keep adding features to one specialized service while waiting for the market to open.
So we temporarily removed “tokenized securities” from the question.
What technology would remain without tokenized securities? Could we separate the problems that would recur in other EVM- and ABI-based integration projects into shared infrastructure?