- Selected for KOICA ODA Project, From Digital Student IDs and AI Super Wallets to KRW Stablecoins… A Real-World Web3 Vision Shaped by a Founder with a Business Strategy Background
“It is true that Korean blockchain projects have faced a lot of skepticism. There have been many rug pulls and scandals. That is why we want to prove ourselves not through words, but through tangible results.”
Throughout the interview, Seoul Labs CEO Jang Do-hee repeatedly emphasized the word “substance.” His vision of blockchain was not something that existed only in whitepapers. It needed to be something tangible like mining hardware, visible like a digital student ID on a university student’s smartphone, and a real infrastructure used by banks, merchants, and public services.
Founded in 2023, Seoul Labs is a blockchain infrastructure company focused on bringing Web3 into practical use. The company operates its own mainnet, XPHERE, and is developing solutions including an AI-powered super wallet, digital identity verification, KRW-backed stablecoin infrastructure, and local currency platforms.
While the blockchain industry once focused on the promise of “changing the future,” CEO Jang believes the time has come to prove that promise. Rather than simply talking about the future, he believes it is more important to demonstrate technologies that are already working in the real world.
A Founder Who Started as a Business Planner, Not a Developer
CEO Jang’s background is not typical in the blockchain industry. He is neither a developer by training, nor from a mining operation or cryptocurrency trading background.
His first career began at Hana Tour, where he worked in the overseas business planning team and focused on new growth opportunities. After that, he gained experience across various industries, including pharmaceuticals. He describes himself as a “planner-turned-founder.”
He entered the blockchain industry in 2020. His first company in the sector was Delio, which had only around six employees at the time.
“Initially, I did not believe in Bitcoin. At the time, the industry was full of discussions around ICOs, crypto bubbles, and rug pulls. But Delio was different. It had a clear business model based on depositing major cryptocurrencies and generating revenue through lending operations.”
He contributed to growing the organization to around 40 employees within a year, while its assets under management expanded to approximately KRW 300 billion. Later, he moved to another company and observed events such as the Delio incident and the Luna and FTX crises from outside the companies involved.
The experience left him with one clear lesson: blockchain cannot survive on technology alone. A sustainable ecosystem requires a business model, users, and connections with traditional institutions.
Seoul Labs’ journey did not begin with the goal of creating a mainnet from the start. Initially, the company was closer to an ecosystem expansion partner for the SASEUL blockchain, similar to how ConsenSys contributed to the Ethereum ecosystem.
However, after witnessing technical limitations and challenges, the company changed direction.
The conclusion was simple.
“Let’s build it ourselves.”
That decision led to the creation of XPHERE.
PoW and EVM: Combining Proven Principles with Practical Innovation
XPHERE’s architecture is unique in that it operates a dual-chain structure, combining a Proof-of-Work (PoW) chain designed for security and decentralization with an EVM-compatible chain focused on developer accessibility and scalability.
CEO Jang described this approach as “inheriting the strengths of the past while removing its weaknesses.” The idea is to combine Bitcoin’s philosophy of Proof-of-Work, Ethereum’s developer ecosystem, and the scalability advantages of a dual-chain structure.
However, he emphasized that the company does not claim to have completely solved the blockchain trilemma.
“There is still no perfect solution that fully achieves decentralization, security, and scalability at the same time.”
According to CEO Jang, any project claiming to have completely solved the blockchain trilemma is often either misunderstanding the challenge or overselling its technology.
Instead, Seoul Labs focuses on making realistic choices.
“We cannot ignore the Ethereum ecosystem. We chose EVM compatibility so that existing developers can easily migrate and participate. At the same time, we want to preserve the fundamental values of blockchain represented by PoW.”
Interestingly, market responses have varied depending on the audience. At major Web3 events such as TOKEN2049, XPHERE does not necessarily stand out immediately. However, at events where Proof-of-Work supporters gather, such as Bitcoin Asia and Bitcoin 2025 Las Vegas, the project has received stronger attention.
While many people say “the era of PoW is over,” there are still communities that believe “true blockchain should preserve the principles of PoW.” Seoul Labs aims to address this market gap.
Seoul Labs also announced the domestic distribution of ICERIVER®’s ASIC miner “XP0” for the XPHERE network, along with the launch of “XP FARM,” a hardware-based hosting service designed for individual users.
Real-World Blockchain Implementation Begins with the KOICA ODA Project
One of Seoul Labs’ most notable achievements has come from the field of official development assistance (ODA).
Seoul Labs was selected for the Korea International Cooperation Agency (KOICA) ODA CTS Seed 2 program. According to CEO Jang, this marks the first case of a blockchain technology company being selected for a KOICA ODA project.
The project has a clear practical focus. It includes issuing XPHERE-based digital student IDs for local university students and establishing QR-based attendance systems. It also covers the issuance of enrollment certificates, graduation certificates, completion certificates, and digital badges.
In Korea, discussions about using blockchain to transform academic administration have continued for years. Seoul Labs is taking the concept into an actual field environment.
“We are implementing blockchain-based academic administration that has only been discussed in Korea until now.”
The project is scheduled to run for two years. Since April, Seoul Labs’ development, planning, and project management teams have been working with local partners to define and implement the service.
There are many Web3 projects built around impressive concepts and terminology. However, practical applications such as students checking attendance through QR codes and receiving digital graduation certificates may be less flashy, but they represent stronger proof of real adoption.
Ultimately, technologies that enter everyday life are the ones that survive.
Super Wallet: Expanding Beyond Digital Wallets into AI-Based Credit Assessment
The service Seoul Labs is currently focusing on most is its AI-powered all-in-one Super Wallet.
The platform integrates various functions, including DID-based digital identity, mobile banking connectivity, digital business cards, digital badges, cryptocurrency wallets, local currency services, and stablecoin capabilities.
At the core of the Super Wallet is an AI-powered Hybrid Alternative Credit Scoring (HACS) system. The solution analyzes financial data, non-financial data, and location-based data to generate credit assessments.
This approach holds particular significance in emerging markets where financial infrastructure remains limited. People without bank accounts or sufficient credit histories can potentially access financial services based on their verified digital identities and real-world activity data.
CEO Jang shared an experience from CES, where a financial group operating a long-term leasing business in Southeast Asia visited the Seoul Labs booth.
The company explained that expanding its leasing business locally had been challenging due to limitations in identity verification and credit assessment systems. Seoul Labs’ Super Wallet was able to address both challenges simultaneously.
“Identity verification is handled through DID, while credit assessment is performed by AI analyzing data within the Super Wallet. In emerging markets, people ultimately need a credit score to access financial services.”
Of course, the approach also involves sensitive considerations. Using location and financial data for credit assessment can raise concerns regarding privacy and data protection.
CEO Jang emphasized that the system is based on user consent. The ability to technically implement a solution does not necessarily mean it is socially acceptable. As Seoul Labs expands in this market, privacy protection and responsible data governance will become just as important as technological capability.
Currently, Seoul Labs is conducting PoC discussions with domestic financial institutions and has also applied for the CES Innovation Awards.
The company’s expansion strategy extends beyond Korea to Southeast Asian and Greater China markets, including Laos, Thailand, Taiwan, and Hong Kong.
KRW Stablecoin “KWAN”: The Real Battle Is Building Merchant Adoption
Seoul Labs has also filed a trademark application for “KWAN,” a KRW-backed stablecoin initiative.
The concept has been in development for approximately five years. It was initially designed based on the Klaytn ecosystem but has since shifted toward deployment on XPHERE.
CEO Jang describes himself as a “regulation-first” entrepreneur.
At a time when domestic issuance was difficult, he was advised to consider issuing overseas. However, he chose to wait for a more appropriate regulatory environment.
“I believe in operating within regulations. I waited for the right timing, and I believe that time has now arrived.”
According to CEO Jang, the key use cases for KRW stablecoins are mainly twofold: remittance and payments.
For remittance, global exchange listings and network infrastructure are important. For payments, however, the decisive factor is offline merchant adoption.
This is why Seoul Labs is paying close attention to local currencies. Before KRW stablecoins become fully institutionalized, the company aims to establish offline payment networks through blockchain-based local currency systems.
Local currencies already operate within an established legal framework and can utilize infrastructure similar to stablecoins from a technical perspective. While the issuing entities and operational models differ, the fundamental goal of creating convenient payment experiences remains similar.
Simply put, waiting until stablecoins are officially permitted before building merchant networks would be too late.
By establishing payment infrastructure through local currencies in advance, the transition cost can be reduced when stablecoins become widely adopted.
CEO Jang is directly addressing one of the challenges often overlooked by the Web3 industry: real-world business development and user adoption.
Three Spin-offs and the Approach of a Business Strategist
Seoul Labs has already spun off three companies despite being established less than three years ago. These include an RWA business entity, a hotel art fair company, and “Twinple,” a K-pop fandom platform with 500,000 global users. Twinple is currently pursuing a Web3 transformation based on XPHERE and plans to issue its own token in the second half of the year.
CEO Jang highlighted the strengths of his background as a business strategist in this regard.
“Many founders with developer backgrounds have struggled because they focused only on technology. Blockchain needs killer content. Only then can the ecosystem grow, and value can follow.”
While this may sound critical, it reflects a reality that the blockchain industry has long faced. There has been a persistent belief that if you build great technology, users will naturally come. However, users do not adopt technology simply because it exists. They come because of entertainment, convenience, financial value, trust, and necessity.
Blockchain should remain behind the scenes. This is why CEO Jang emphasizes Super Wallets, K-pop fandom, local currencies, and digital student IDs at the same time. His goal is not simply to sell a mainnet, but to create meaningful reasons for people to use it.
“Watch What We Achieve This Year”
At the end of the interview, CEO Jang delivered a message to the Korean blockchain community.
“I understand why there is skepticism toward Korean blockchain projects. Having worked in this industry for seven years, I understand the reasons behind it. That is why we want to prove ourselves through things with real substance, such as ODA projects, mining hardware, and local currency services. We will demonstrate XPHERE through partnerships with domestic financial institutions. Please watch what we achieve this year.”
Seoul Labs currently has 24 employees, including seven developers.
The company is not a large corporation, nor is it one of the globally dominant blockchain networks. Yet the scope of its initiatives is extensive.
Its roadmap spans Southeast Asian Super Wallet services, KRW stablecoins, local currencies, K-pop fandom platforms, RWA initiatives, and mining hardware.
It is natural to question whether such a broad range of initiatives can be managed by a relatively small organization. However, CEO Jang’s direction is clear.
Seoul Labs aims to move blockchain beyond the boundaries of the blockchain industry itself and bring it into real-world areas such as university administration, credit assessment, payment networks, fandom communities, and local economies.
The blockchain industry once claimed that “decentralization would change the world.” In many cases, the world did not change, but investment accounts did.
What is needed now is not a bigger slogan, but smaller and more tangible evidence.
A digital student ID.
A credit assessment system for a motorcycle leasing customer.
A payment terminal at a local merchant.
That is what CEO Jang means by “substance.”
For blockchain to survive, it can no longer remain floating in the air. It must operate on the ground, in the real world.
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