Danal Fintech, a subsidiary of Danal , a large payment company in South Korea, has joined the ICON blockchain ecosystem. Danal accounts for half of the market share in mobile billings, equivalent to $5.5 billion USD annually. 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 Fintech will integrate ICON’s cryptocurrency ICX into Paycoin, its global payments, and remittance app. Paycoin’s more than 750,000 users will have the option to pay in ICX at any of Danal’s 60,000 merchant partners, including 7-Eleven, KFC, and Domino’s Pizza.
Min Kim, ICON project Founder, said that with PayPal’s recent announcement regarding crypto they are seeing an acceleration in the adoption of payment apps 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, added:
“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 will also become an ICON Public Representative, or P-Rep, playing a key role in the ICON Network such as block creation and verification, decision making on network policy, and expansion of the overall ICON ecosystem. P-Reps are elected by delegation of stake by the ICON community, and help keep the network stable with technical infrastructure support.