Seoul, South Korea, November 11, 2020 (GLOBE NEWSWIRE) – (via Blockchain Wire) Danal Fintech, a subsidiary of Danal (www.danal.co.kr), one of South Korea’s largest payment companies, has announced today they are joining the ICON blockchain ecosystem, the largest decentralized network in Korea by market capitalization. Danal Fintech will integrate ICON’s cryptocurrency ICX into Paycoin, its global payments and remittance app. This will allow more than 750,000 Paycoin users to pay in ICX at any of Danal’s 60,000 business partners, including 7-Eleven, KFC and Domino’s Pizza.
“With PayPal recently announcing its plans to support cryptocurrencies, we are starting to see a strong acceleration in the adoption of cryptocurrencies by payment apps and fintech companies in Asia,” said Min Kim, founder of the ICON project. . “Now with Paycoin, it’s easier than ever for people to buy and spend their ICXs at thousands of Danal’s trading partners.”
“Paycoin is one of the first virtual asset apps used commercially in Korea and ICON is one of the largest blockchain projects in Korea. Through this partnership between the two projects, we expect to bring virtual assets one step closer to our daily life.” , said Ted Hwang, CEO of Danal Fintech. “We will continue to expand the scope of the business through various partnerships in the future.”
Danal Fintech will also become an ICON Public Representative, or P-Rep, the title given to the validators of consensus and governance blocks on the ICON network. P-Reps like Danal Fintech play key roles in the ICON network such as block creation and verification, network policy decision making, and expanding the global ICON ecosystem. P-Reps are elected by stakeholder delegation from the ICON community and help keep the network stable with the support of the technical infrastructure.
Danal Fintech is part of Danal Co. Ltd, one of the largest payment companies in South Korea. Danal provides integrated payment solutions to its partners, from credit and debit cards to mobile billing and more. With over 20 years in business, Danal accounts for half the market share in mobile billing, equivalent to $ 5.5 billion a year. Danal Fintech focuses on blockchain-based payment solutions and launched Paycoin in 2019 as one of the first apps for using virtual currencies in retail payments.
Danal’s Paycoin app reduces intermediaries in existing payment processes, lowers transaction fees and accelerates settlement cycles; all in a secure and convenient payment environment. The app allows ICX holders to easily spend their cryptocurrency at online and offline retailers across South Korea.
Shortly after joining as P-Rep, Danal Fintech will begin integrating ICX into the Paycoin payment application. Upon completion, ICON users will be able to deposit and spend their ICXs with the Paycoin app.
INFORMATION ABOUT DANAL FINTECH
Danal Fintech is the blockchain subsidiary of Danal, Inc., which specializes in integrated payments. Based in Korea, Danal is a provider of mobile business solutions enabling payments, commerce, and mobile wallet services. Danal Fintech’s Paycoin app is used by over 750,000 people to make payments in fiat and digital assets at 60,000 merchants.
COMPANY CONTACT: [email protected]
ABOUT ICON FOUNDATION
ICON (www.icon.foundation) is one of the largest decentralized networks in the world. ICON’s blockchain is used for real-world applications in banking, healthcare, education and more. ICON is scalable for both public and private blockchain use cases and employs a transparent governance system and AI to create a sustainable and decentralized ecosystem.