Upbit joins hands with Naver Pay for Korean won stablecoin business
Summary
- It was reported that Upbit would promote a payment business based on Korean won stablecoins in collaboration with Naver Pay.
- Dunamu announced that it plans to specify the scope and methods of cooperation as soon as the relevant regulations are established.
- It was said that the issuer of the Korean won stablecoin business and the form of collaboration would be determined depending on the regulatory environment.
Upbit, the largest virtual asset (cryptocurrency) exchange in Korea, is collaborating with Naver Pay on a Korean won stablecoin (a virtual asset tied to the value of a fiat currency) business.
According to industry sources on the 1st, Upbit's operator Dunamu has decided to launch a payment business using Korean won stablecoins in partnership with Naver Pay.
A Dunamu representative said, “Upbit will support the Korean won stablecoin business led by Naver Pay,” adding, “Once the relevant regulations are in place, the scope and methods of cooperation will be further detailed.” The representative continued, “In the future, the issuer of the Korean won stablecoin and the specific form of cooperation will be determined according to the regulatory environment.”
Previously, on the 26th of last month, Naver Pay announced at its ‘10th Anniversary Media Day’ event that it would form a consortium to introduce stablecoins.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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