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Jafrin Ahmed
Nov 12, 2020
by Jafrin Ahmed

Payment Company Danal Fintech Joins ICON Blockchain Ecosystem

Danal Fintech ICON Blockchain
Danal Fintech, one of the largest payment companies in South Korea, has announced joining the ICON blockchain ecosystem. Danal Fintech will now integrate ICON’s cryptocurrency ICX into its global payments and remittance app, Paycoin. ICON blockchain is the largest decentralized network in Korea in terms of market capitalization.

Danal Fintech - ICON Blockchain Integration

Danal’s Paycoin app was intended to cut off intermediaries while speeding up the settlement cycles. The app also boasts of lower transaction fees.

The integration of Danal with ICON will allow Paycoin’s 750,000+ user base to pay in ICX cryptocurrency at any of Danal’s 60,000 merchant partners, including 7-Eleven, KFC, and Domino’s Pizza. The fintech company launched Paycoin last year as one of the first apps for virtual currencies in retail payments.

Min Kim, the ICON project Founder, said in the announcement release:

“With PayPal recently announcing its plans to support cryptocurrencies, we’re starting to see a major acceleration in crypto adoption by payment apps and fintech companies in Asia. Now with Paycoin, it’s easier than ever for people to buy and spend their ICX at thousands of Danal’s merchant partners.”

Ted Hwang, CEO of Danal Fintech, said:

“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. 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.”

Danal Fintech Now an ICON Public Representative

Danal individually accounts for half of the market shares in South Korea in terms of mobile billings, equivalent to an annual $5.5 billion.

The partnership will also enable Danal Fintech to become an ICON Public Representative. This will allow the South Korean payment giant to participate in the ICON Network such as block creation and verification, decision making on network policy, and expansion of the overall ICON ecosystem.

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Payment Company Danal Fintech Joins ICON Blockchain Ecosystem
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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