Danal FinTech joins the ICON Blockchain Ecosystem

By Edil Corneille

Danal FinTech, a subsidiary of Danal, said to be one of the largest payment companies in South Korea, announced that they are joining the ICON blockchain ecosystem, a decentralised network in Korea. Danal FinTech will integrate ICON’s cryptocurrency ICX into Paycoin, its global payments and remittance app. This will allow Paycoin’s 750,000+ users to pay in ICX at any of Danal’s 60,000 merchant partners, including 7-Eleven, KFC, and Domino’s Pizza.

“With PayPal recently announcing its plans to support cryptocurrencies, we’re 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 ICX at thousands of Danal’s merchant partners.”

“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,” said Ted Hwang, CEO of Danal FinTech. “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, the title given to consensus and governance block validators on the ICON Network.

Danal FinTech focuses on blockchain-based payment solutions. It launched Paycoin in 2019 as one of the first apps for using virtual currencies in retail payments. the Paycoin app reduces intermediaries in existing payment processes, lowers transaction fees, and speeds up settlement cycles. The app makes it easy for ICX holders to spend their cryptocurrency at both online and offline retailers all over South Korea.

Shortly after joining as a P-Rep, Danal FinTech will start the integration of ICX into the Paycoin payment application. At its completion, ICON users will be able to deposit and spend their ICX with the Paycoin app.