Seoul, South Korea, Nov. 11, 2020 (GLOBE NEWSWIRE) — (by way of Blockchain Wire) Danal Fintech, a subsidiary of Danal (www.danal.co.kr), one of many largest fee firms in South Korea, right this moment introduced that they’re becoming a member of the ICON blockchain ecosystem, the most important decentralized community in Korea by market capitalization. Danal Fintech will combine ICON’s cryptocurrency ICX into Paycoin, its international funds and remittance app. This can permit 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 lately saying its plans to help cryptocurrencies, we’re beginning to see main acceleration in crypto adoption by fee apps and fintech firms in Asia,” mentioned Min Kim, ICON mission Founder. “Now with Paycoin, it’s simpler than ever for individuals 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 anticipate to deliver digital property one step nearer to our every day life,” mentioned Ted Hwang, CEO of Danal Fintech. “We are going to proceed to develop enterprise scope by way of varied partnerships sooner or later.”
Danal Fintech will even turn out to be 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 corresponding to block creation and verification, resolution 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 maintain the community steady with technical infrastructure help.
Danal Fintech is a part of Danal Co. Ltd, one in every of South Korea’s largest fee firms. Danal gives 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 present fee processes, lowers transaction charges, and quickens settlement cycles; all in a secure and handy fee surroundings. The app makes it simple 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 mixing of ICX into the Paycoin fee software. At its completion, ICON customers will be capable of deposit and spend their ICX with the Paycoin app.
ABOUT DANAL FINTECH
Danal Fintech is the blockchain subsidiary of Danal, Inc., which focuses on built-in funds. Primarily based in Korea, Danal is a supplier of cellular enterprise options enabling funds, commerce, and cellular pockets companies. Danal Fintech’s Paycoin app is utilized by greater than 750,000 individuals to make funds in fiat and digital property at 60,000 retailers.
COMPANY CONTACT: firstname.lastname@example.org
ABOUT ICON FOUNDATION
ICON (www.icon.foundation) is without doubt one of the world’s largest decentralized networks. ICON’s blockchain is used for real-world functions in banking, healthcare, schooling, and extra. ICON is scalable for each private and non-private blockchain use instances, and employs a clear governance system and AI to create a sustainable, decentralized ecosystem.