Stacks is partnering with South Korean e-commerce protocol Paycoin to support transactions in STX currency.
This integration means that merchants accepting Paycoin will soon accept STX and Bitcoin as payment methods, i.e. Koreans can pay with Bitcoin in Paycoin integrated Stacks. Businesses that accept Paycoin, such as Domino’s Pizza, KFC, and 7-Eleven, will allow customers to transact using these cryptocurrencies.
Koreans can pay with Bitcoin in Stacks with Paycoin integration
There are 1 million users of the Paycoin app and 70,000 businesses accept this cryptocurrency.
Users can hold STX and profit in Bitcoin within the app, Stacks said in its release. This incentivizes users to transact in STX to receive digital currency rewards for continued in-app spending.
The Paycoin and STX partnership will enable businesses and consumers to use crypto every day, according to the Paycoin Blog. All transactions will take place in the Paycoin app. This separation process allows for easier digital currency transactions, which for some has hindered participation in blockchain technologies.
Paycoin is a blockchain payment project with the goal of highly efficient transactions for businesses and consumers. It is a subsidiary of Danal Fintech, a Korean company specializing in mobile commerce solutions.
According to Mitchell Cuevas, head of growth for the Stacks Foundation, the integration will entice business owners to accept Paycoin as it will reduce “rubbing with preloaded wallets.” He stated that there is an “attraction to holding money in one place to participate in the appreciation of the asset’s price,” such as bitcoin profiting from holding STX.
When compared to the Korean stablecoin Terra, which has proven to be successful in the country, STX and Paycoin are much more volatile. According to Cuevas, their respective uses depend on “the degree to which the user is averse to risk.”
“Korea is one of the most regulated crypto markets, and substantial trust in coins is essential for the success of the integration,” he said.
Paycoin is a blockchain project that is providing payment services based on virtual assets. As a subsidiary of “Danal” – an integrated payment solution provider – Danal Fintech provides a virtual asset payment service based on the Paycoin blockchain, which reduces the middleman steps in the payment process. currently, enabling reduced transaction fees and faster payment cycles for merchants and a secure and convenient payment environment for users. Paycoin is the first virtual asset being commercialized as a payment in South Korea and aims to lead this new payment market and drive adoption of the service.
Today, the user-owned Internet is taking it a step further thanks to Paycoin, a subsidiary of Danal Fintech based in Korea. The Stacks Foundation will support the deep integration of Stacks and Stacking into Paycoin’s accessible crypto-enabled e-commerce application. With over a million users and 70,000 merchants already present, Paycoin is a rapidly growing player in the Korean market with designs that are expanding further.
Immediately after initial settlement and wallet integration, users will also be able to earn additional Bitcoin (BTC) rewards on their STX holdings right within the app via Stacking. Paycoin users will then be able to spend these rewards without having to leave the app or interact with the exchange to do so. This seamless all-in-one experience streamlines a process that has prevented many potential crypto users from joining the ecosystem.
By reducing barriers to entry and empowering users to earn BTC rewards through Stacking, the Stacks-Paycoin integration provides new ways to shop with crypto while creating a form of incentive rewards. completely new incentive.
Initially, Paycoin will make STX one of the main payment options for use with the reputable merchants Paycoin offers in Korea, including 7-Eleven, KFC, Domino’s Pizza, BBQ Chicken, etc. STX will be one of the few payment options besides Bitcoin in the app, which currently only offers the ability to pay in Paycoin (PCI).
“We are excited to be working with the Stacks community and network; it unlocks huge potential for our business by allowing us to use the unique connection between STX and Bitcoin to give our customers options they cannot find anywhere else . We believe that leveraging Stacks and Bitcoin in these ways will truly mark an important milestone for our project and accelerate our global expansion. “
– CEO of Danal Fintech, Ted Hwang.
The Stacks Foundation, among other endeavors related to education, research and development, and funding, plays an important role in expanding STX’s reach and utility globally. By supporting the Paycoin team that integrates Stacks, the Stacks Foundation both helps bring another online utility to Stacks and serves to make cryptocurrencies, including STX, easy for users to understand and start benefiting from. than. The Paycoin team has created an enjoyable experience for their users, bridging the gap between more traditional applications and the crypto world, and the Stacks Foundation is honored to contribute as they make cryptocurrency accessible. than.
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