Crypto.com has partnered with KG Inicis, which is one of the largest payment service providers in South Korea.
Through this partnership, Crypto.com Pay will be added to KG Inicis’s network, allowing merchants to accept payments in digital currencies. This mainly helps foreign travelers in South Korea, as they will be able to use crypto to pay for goods and services easily.
Merchants can receive immediate settlements in fiat or digital assets, while customers benefit from faster, lower-cost options and greater payment flexibility, Crypto.com said.
“A payment infrastructure that bridges digital assets with the real economy will become a core competitiveness of the future finance and commerce industries,” a representative of KG Inicis said in the statement. “We plan to expand an infrastructure where digital assets can be utilised in actual economic activities, all while ensuring a solid legal and regulatory foundation.”
According to the press release, KG Inicis processes more than 400 million transactions every year and holds about 40% of the market, making it the largest payment platform in the country.
The two companies also plan to introduce more products in the future, while following all local laws and regulations.
Many major financial companies in South Korea are now partnering with global firms to grow their work in digital assets and crypto.
Hanwha Asset Management recently partnered with Jito Foundation to build systems for liquidity staking and related investment products.
Hana Financial Group has also signed an agreement with Standard Chartered to work together on digital asset projects, which may include stablecoins.
These partnerships are happening as South Korea is working on new rules for digital assets. A proposed law called the Digital Asset Basic Act aims to set clear guidelines for crypto platforms, stablecoins, and crypto-based investment products.
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