South Korean Blockchain Firm DSRV Signs MOU with Ethiopian State-Owned Enterprise FaydaVerse on Digital ID Integration

South Korean blockchain infrastructure company DSRV announced on October 29 that it has signed a Memorandum of Understanding (MOU) with FaydaVerse Digital Solutions Enterprise, a state-owned enterprise in Ethiopia. The two parties will collaborate to integrate blockchain technology into Ethiopia's national digital identity system to build a related financial and public service ecosystem.

FaydaVerse was established this year as a specialized Digital Public Infrastructure (DPI) company spun off from Ethiopia's National Digital ID Program. It operates under the country's sovereign wealth fund, Ethiopian Investment Holdings, and currently provides eKYC, digital wallets, and e-government services based on open-source decentralized identity (DID) technology.

Under the agreement, the companies will form a joint working group to advance four key areas: upgrading the Verifiable Credentials (VC) functionality of FaydaVerse's digital wallet 'FaydaPass'; jointly researching 'FaydaChain', a blockchain infrastructure for institutional digital proofs and qualifications linked to the wallet; developing Web3 financial wallets and technical standards based on identity authentication; and exploring models for distributing electronic vouchers and other public aid via digital IDs.

Jung Ho-sung, Head of Global Business at DSRV, stated that many African countries are increasingly seeking to connect their national digital IDs with financial services and public sectors. He expressed hope that combining DSRV's technology with FaydaVerse's national infrastructure would allow more people to benefit from these technological advancements. Additionally, DSRV is actively negotiating DPI introductions with governments in other major African nations, including Côte d'Ivoire and Senegal.