FnGuide and Bonanza Lab publish digital asset classification paper in KCI journal

A paper on the digital asset classification framework jointly developed by FnGuide and Bonanza Lab has been published in Venture Business Research (벤처창업연구), a KCI listed journal of the Korea Business Venturing Society. The study formalizes the methodology behind K-DACS, the classification standard the two firms released in March.

Rather than sorting assets by market capitalization or technical design, the paper classifies them by their actual use and the role they play in the market, then applies the framework to 13 major digital assets including Bitcoin and Ethereum to analyze each one's characteristics. Professor Hyoung-Goo Kang of Hanyang University's Department of Finance served as corresponding author alongside researchers from both companies. The firms see the work as a theoretical foundation for financial reasoning in digital assets, combining structured data with financial expertise to assess intrinsic value and risk.

K-DACS is expected to support index development, valuation, sector analysis and risk management, and to serve as a common yardstick for comparing assets across token based ventures, helping reduce information asymmetry and strengthen investor protection. Both companies said publication gives the framework firmer academic grounding, and that they will keep advancing their data driven analysis to make the market more transparent and trustworthy.