MoonPay targets won stablecoins as it expands into South Korea
Article excerpt
“Korea has an opportunity to develop new financial services and increase the efficiency of existing services because it has both demand for virtual assets and digital payment infrastructure,” Lee said. MoonPay is focusing its Korean operation on cooperation between financial companies and digital platforms, cross border movement of funds and using services developed in Korea in other Asian markets. A central part of the plan involves creating overseas distribution channels for Korean won stablecoins if such assets are issued under the country’s developing regulatory framework. MoonPay expects its global network to give Korean won stablecoins access to users outside the country, including overseas Koreans, international students and tourists. Under the proposed model, users could buy and hold won stablecoins abroad, convert them into other currencies or digital assets and use them for payments and settlements. Lee identified overseas remittances, payments by foreigners in Korea, trade transactions and corporate payments as potential uses. “It is also an important task to secure overseas distribution channels for the success of won stablecoins,” he said. The plan arrives as Korean financial companies are already testing many of the services MoonPay wants to connect to its international network. As crypto.news previously reported, KB Financial tested won stablecoin payments in...
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Extracted from this sentence
Finger is expected to provide part of the technical connection between MoonPay and Korean financial institutions.
