MoonPay Launches Korean Unit MoonPay Korea, Targets Country as Hub for Asia Expansion

Global crypto payments and stablecoin infrastructure firm MoonPay has officially launched its South Korean unit, MoonPay Korea, as it pushes to expand in the country.

MoonPay said on Sept. 29 that the launch of MoonPay Korea will connect the payments and stablecoin infrastructure it has built in global markets with domestic financial services, and that it aims to develop South Korea into a key base for future expansion across Asia.

The company plans to provide practical financial services in South Korea, including overseas remittances, payment and settlement, and the global distribution of digital assets. Using MoonPay Korea as its base, it will test service localization with local partners, integration with financial systems and customer experience, then expand the model across Asian markets.

MoonPay is particularly focused on demand related to cross-border fund flows, including overseas remittances by international students, domestic payments by foreigners in South Korea, overseas payments by companies and the global distribution of Korean digital assets.

MoonPay has processed more than $45 billion in cumulative volume and has more than 32 million verified users. Over the past 12 months, it has had more than 1,500 onboarding and transaction partners. Its services currently include on- and off-ramps for crypto purchases and cash-outs, stablecoin conversion, global payouts, issuance and redemption, and merchant payment and settlement.

In South Korea, the company plans to focus on building the "last mile" that connects global infrastructure with real-world financial services. It aims to work with local financial institutions and platforms to establish know-your-customer procedures, fund flows, payment and settlement, and customer protection systems, while localizing won deposits and withdrawals and domestic payment methods.

MoonPay plans to expand its services in phases after meeting requirements for each business line, including virtual asset service provider reporting and the necessary licenses and registrations.

The company is pursuing cooperation with Finger, Woori Bank, KB Financial Group and KakaoBank in areas including connecting global financial infrastructure with domestic systems, stablecoin distribution, cross-border remittances and payments, and digital-asset financial services.

Lee Boo-geon, MoonPay's co-founder and head of Asia, said South Korea is an important market where financial and digital services have developed rapidly. He added that MoonPay will connect its global payments and stablecoin infrastructure with local financial institutions and companies to deliver real services, using that foundation to expand across Asia.

MoonPay said it plans to broaden cooperation with South Korean financial institutions and companies through MoonPay Korea and gradually enhance its local services in line with relevant rules and the regulatory environment.