South Korean payment giant Danal FinTech has joined the ICON blockchain ecosystem, the largest decentralized network in Korea by market capitalization.
Danal FinTech is the blockchain subsidiary of Danal, Inc., which specializes in integrated payments. Danal is a provider of mobile business solutions enabling payments, commerce, and mobile wallet services. Danal FinTech’s Paycoin app is used by more than 750,000 people to make payments in fiat and digital assets at 60,000 merchants.
The partnership with ICON will enable Danal FinTech to support ICON’s cryptocurrency ICX for payments through Paycoin, allowing its users to pay in ICX at any of Danal’s 60,000 merchant partners, including 7-Eleven, KFC, and Domino’s Pizza.
“With PayPal recently announcing its plans to support cryptocurrencies, we’re starting to see major acceleration in crypto adoption by payment apps and fintech companies in Asia,” said Min Kim, ICON project Founder. “Now with Paycoin, it’s easier than ever for people to buy and spend their ICX at thousands of Danal’s merchant partners.”
Danal FinTech will also join as an ICON Public Representative, or P-Rep, the title given to consensus and governance block validators on the ICON Network. P-Reps like Danal FinTech play key roles in the ICON Network such as block creation and verification, decision making on network policy, and expansion of the overall ICON ecosystem. P-Reps are elected by delegation of stake by the ICON community, and help keep the network stable with technical infrastructure support.
“Paycoin is one of the first virtual asset apps being used commercially in Korea and ICON is one of the largest blockchain projects in Korea,” said Ted Hwang, CEO of Danal FinTech. “Through this partnership between the two projects, we expect to bring virtual assets one step closer to our daily life. We will continue to expand business scope through various partnerships in the future.”
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