Kookon Completes Stablecoin Payment Proof of Concept With iM Bank, Vitoz

Kookon said July 7 that it completed a proof of concept for stablecoin payments with iM Bank and Vitoz, linking a blockchain-based payment system with existing financial infrastructure.

Using its payment-data application programming interface, or API, and infrastructure-linking technology, Kookon integrated iM Bank’s financial infrastructure with Vitoz’s blockchain network and crypto payment gateway, or CPG, into a single payment system. The framework covers the entire process in one flow, from a user’s payment request and merchant information lookup to blockchain-based payment processing and notification of the result.

The company also built a process that uses blockchain features to record all payment details transparently and enable immediate settlement for merchants. Kookon said the system could help reduce payment fees, improve cash turnover and support the circulation of funds within local economies.

Kookon said it will continue to review the commercialization potential of stablecoin-based payment and settlement services following the proof of concept. It also plans to expand the technology into a wider range of digital financial services.

“This proof of concept confirmed the possibility of connecting existing financial infrastructure and blockchain payment systems into a single payment flow,” Chief Executive Officer Kim Jong-hyun said. “Building on our capabilities in financial API platforms and payment networks, we will continue to expand our role as a trusted technology partner in the digital-asset ecosystem.”