Hassan Maishera
On Friday, the Arbitrum team announced via X that Hyungji, one of Korea’s largest fashion retail groups, is bringing stablecoin payments to stores via Arbitrum.
On the 12th, Hyungji signed a strategic partnership with Offchain Labs, the blockchain infrastructure company that developed Arbitrum. Under the deal, Hyungji will build an integrated stablecoin payment infrastructure spanning roughly 2,000 offline stores in South Korea and Singapore, as well as its online channels.
Hyungji is a fashion company that owns major brands such as Crocodile Lady and Chatelaine. It also operates a nationwide distribution network through its role as supplier of replica uniforms for Korea’s largest school-uniform manufacturer, Hyungji Elite, and the professional baseball club Hanwha Eagles. Through the agreement, Hyungji expects to lower transaction fees and shorten settlement times by integrating a blockchain-based payment network into its existing card-centric payment structure.
Arbitrum is a suite of scaling solutions on Ethereum that utilize Optimistic Rollup. It allows users to enjoy faster speed and cheaper transaction costs when interacting with web3 dApps. ARB, the native coin of the Arbitrum network, is down 4.4% today and is trading at $0.1137.
