For the first time, Bitcoin can now be used in everyday life in South Korea. According to reporting from Danal Fintech on Monday, customers can now pay with Bitcoin by converting it into South Korea’s digital currency Paycoin.
Paycoin is one of the first virtual asset apps being used commercially in Korea. Therefore, all cryptocurrency transaction will be allowed for customers that are using the Paycoin App.
There are 1 million users of the Paycoin application and 70,000 businesses that accept cryptocurrency. Regarding Danal Fintech, it 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 is the first major payment service in Korea to accept cryptocurrency. It’s accepted in more than 70-thousand stores, including CU, 7-Eleven, Holly’s Coffee and Kyobo Bookstore. Danal Fintech will start with Bitcoin and then eventually add other cryptocurrencies, such as Ethereum, later this year.
This is an important progressive move for South Korea governmental and financial business environment. Because it is widely known that South Korea is one of the most heavily regulated countries in the world.
We are starting to see major acceleration in crypto adoption by payment apps and fintech companies in Asia,” said Min Kim, ICON project Founder. “Now with Paycoin, it’s easier than ever for people to buy and spend their Bitcoin at thousands of Danal’s merchant partners.
