Hana Securities’ Research Center (하나증권), the brokerage arm of Hana Financial Group, one of Korea's four largest financial holding companies with over $600B in group assets, featured Virtuals Protocol in its latest report on the emerging agent economy and x402 infrastructure. The report identifies Virtuals Protocol as a key facilitator in the agent commerce ecosystem, highlighting: • ACP (Agent Commerce Protocol) as a standardized protocol enabling autonomous agent-to-agent discovery and payment onchain • Virtuals Protocol's role driving agent asset formation within the broader x402 ecosystem • IAO (Initial Agent Offering) as a capital formation primitive that tokenizes agent ownership and revenue rights • 2M agent jobs and $480M aGDP, in sustained growth We are proud to be building the infrastructure layer for agent commerce, and encouraged to see institutional research coverage of the agent economy deepen across Korea's largest financial institutions.

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