Korean payment giant Danal Fintech joins Korea’s largest blockchain ecosystem and integrates its crypto currency into its payment app. The goal of the partnership is to bring virtual assets one step closer to everyday life.
Danal Fintec is the blockchain subsidiary of Danal, one of the largest payment companies in Korea, which offers its partners integrated payment solutions, from credit and debit cards to mobile billing and more. Danal Fintech, on the other hand, focuses on Blockchain-based payment solutions and in 2019 launched the App Paycoin, one of the first global applications for using virtual currencies in mass payments. The app is currently used by more than 750,000 people.
Advantages of Paycoin:
- Reduces third parties
- Reduces transaction fees
- Accelerates processing cycles
- Secure and convenient payment environment
Joining ICON Blockchain Ecosystem
As stated in a press release, Danal Fintech joins the ICON blockchain ecosystem, which is the largest decentralized network in Korea with a market capitalization of USD 216 million (as of November 12, 2020). ICON officially confirmed this on Twitter.
1/ We are very excited to welcome Danal Fintech, a subsidiary of Danal, one of 🇰🇷’s largest payment companies, to our ecosystem 🙌https://t.co/Ijzr0hjnC0
— ICON (@helloiconworld) November 11, 2020
By joining the ecosystem, ICON’s crypto currency ICX will also be integrated into Paycoin. Once the integration is complete, users will be able to deposit and issue their tokens using Danal Fintech’s application. The crypto currency can be used by all 60,000 trading partners, including 7-Eleven, KFC and Domino’s Pizza.
“As PayPal has recently announced its plans to support crypto currencies, we see a significant acceleration in crypto adoption by payment applications and Fintech companies in Asia. With Paycoin, it is now easier than ever for people to buy and spend their ICX with thousands of Danal’s trading partners.” – Min Kim, founder of the ICON project.