In what could be termed as an interesting development, South Korea’s largest and most talked-about blockchain projects, ICON, has now got another name added to the list of its participants. Danal Fintech has recently announced that it will be joining the ICON in the capacity of public representative (P-Rep). ICON is one of the most touted blockchain projects in South Korea, aiming to create a healthy and vibrant crypto ecosystem. Considering this ambitious aim, the participation of the Danal Fintech will be important and crucial for the success of the ICON ecosystem.
Paycoin is one of the leading players in the payment gateway business solutions in South Korea. It is the brainchild of Danal, and the project started its services in April last year. According to the latest numbers, the project has accumulated more than 5 million USD in payments from a large network of seven 750,000 users and 60.000 merchants by October 2020. Some of the well-known merchants’ part of the network of Paycoin include the likes of KFC, Domino’s pizza, and 7-Eleven. Now, with Paycoin joining ICON, it can be safely assumed that ICON will receive additional leverage in terms of value and users of Danal Fintech.
As a result of this collaboration, the uses of ICX (the native coin of ICON) will be able to utilize their currency among a wider set of stakeholders. This will be achieved through the deposition of the ICX coin on the app Paycoin which will seamlessly swap ICX with Paycoin and then allow it to use as payment on any of the merchants registered with the Paycoin.
This integration will prove quite instrumental in bringing the digital coins near the mainstream population in terms of using cryptocurrency for daily transactions. Given the clout that both ICON and Paycoin enjoy in their respective domains, this coming together will further boost cryptocurrencies’ adoption potential among target audiences. This development also indicates that the integration of cryptocurrency in our day-to-day life is not a farfetched dream and will soon become a reality.