Danal Fintech, a subsidiary of Danal, one of many largest fee corporations in South Korea, as we speak introduced that they’re becoming a member of the ICON blockchain ecosystem, the biggest decentralized community in Korea by market capitalization. Danal Fintech will combine ICON’s cryptocurrency ICX into Paycoin, its international funds and remittance app. It will enable Paycoin’s 750,000+ customers to pay in ICX at any of Danal’s 60,000 service provider companions, together with 7-Eleven, KFC, and Domino’s Pizza.
“With PayPal just lately asserting its plans to help cryptocurrencies, we’re beginning to see main acceleration in crypto adoption by fee apps and fintech corporations in Asia,” mentioned Min Kim, ICON venture Founder. “Now with Paycoin, it’s simpler than ever for folks to purchase and spend their ICX at hundreds of Danal’s service provider companions.”
“Paycoin is without doubt one of the first digital asset apps getting used commercially in Korea and ICON is without doubt one of the largest blockchain initiatives in Korea. By this partnership between the 2 initiatives, we count on to convey digital belongings one step nearer to our each day life,” mentioned Ted Hwang, CEO of Danal Fintech. “We are going to proceed to develop enterprise scope via numerous partnerships sooner or later.”
Danal Fintech may even turn into an ICON Public Consultant, or P-Rep, the title given to consensus and governance block validators on the ICON Community. P-Reps like Danal Fintech play key roles within the ICON Community resembling block creation and verification, determination making on community coverage, and growth of the general ICON ecosystem. P-Reps are elected by delegation of stake by the ICON group, and assist hold the community steady with technical infrastructure help.
Danal Fintech is a part of Danal Co. Ltd, certainly one of South Korea’s largest fee corporations. Danal supplies built-in fee options to its companions, from credit score and debit playing cards to cellular billings and extra. With greater than 20 years in enterprise, Danal accounts for half of the market share in cellular billings, equal to $5.5 billion USD yearly. Danal Fintech focuses on blockchain-based fee options, and launched Paycoin in 2019 as one of many first apps for utilizing digital currencies in retail funds.
Danal’s Paycoin app reduces intermediaries in current fee processes, lowers transaction charges, and hastens settlement cycles; all in a secure and handy fee setting. The app makes it straightforward for ICX holders to spend their cryptocurrency at each on-line and offline retailers throughout South Korea.
Shortly after becoming a member of as a P-Rep, Danal Fintech will begin the combination of ICX into the Paycoin fee utility. At its completion, ICON customers will have the ability to deposit and spend their ICX with the Paycoin app.