Hassan Maishera
TL;DR
-
Crypto.com has partnered with KG Inicis, South Korea’s largest payment gateway and value-added network provider.
-
The two entities will work to allow foreign tourists to use digital assets to pay for local goods and services.
Crypto.com and KG Inicis Enter a Strategic Partnership
Cryptocurrency trading platform, Crypto.com, has announced its partnership with KG Inicis, South Korea's largest payment gateway and value-added network provider.
In its press release on Tuesday, Crypto.com said it would be working with KG Inicis to integrate Crypto.com Pay and enable digital asset payments across KG Inicis's merchant network in South Korea.
This latest development targets foreign travelers visiting the country, allowing them to pay for local goods and services with crypto.
The company explained that merchants can receive immediate settlements in fiat or digital assets, while customers benefit from faster, lower-cost options and greater payment flexibility.
While commenting on this partnership, a representative of KG Inicis stated that,
"A payment infrastructure that bridges digital assets with the real economy will become a core competitiveness of the future finance and commerce industries. 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."
The press release added that KG Inicis handles over 400 million transactions annually and holds a 40% market share as the country's largest integrated payment platform.
The two entities will explore launching additional products in compliance with local regulations.
Major financial institutions in South Korea are expanding their presence in the crypto space by partnering with global companies in this space.
Last month, Hanwha Asset Management, one of the country's largest asset managers, entered into a strategic partnership with the Jito Foundation to develop infrastructure for liquidity staking exchange-traded products.
Also recently, Hana Financial Group signed a memorandum of understanding with Standard Chartered to develop joint initiatives in digital assets, possibly involving stablecoins.
The partnerships come thanks to the ongoing legislative efforts in South Korea to adequately regulate digital assets.
The country’s parliament is currently debating a bill, titled the "Digital Asset Basic Act," that would establish rules for crypto platforms, stablecoins, and crypto exchange-traded funds.
