Kwon Seong-taek, CEO of TiOrder "Stablecoins reduce payment fees by up to 30 times… Will take a global leap with SUI"

"Korea is the country with the most developed dining-out industry in the world. Payment innovation that can provide tangible benefits to small business owners is needed. TiOrder seeks to realize this through collaboration with SUI."

Kwon Seong-taek, founder of TiOrder, the No.1 tablet ordering company in Korea, said this on the 25th while attending the 'SUI Builderhouse' held at Layer41 in Seongsu-dong. Earlier that day, TiOrder announced it had signed a partnership with SUI and would embark on building next-generation payment and marketing platforms.

Kwon said the partnership with SUI could reduce payment fees by up to 30 times. He said, "Currently, the fees paid to PG companies for card payments amount to on average 2% of the transaction amount. In contrast, blockchain-based payments have an average fee of only 13 won per transaction."

Through such fee reductions, TiOrder aims to bring tangible benefits to many domestic small business owners. Kwon said, "Despite the country's very small land area, Korea boasts a dining-out market size comparable to that of the United States," adding, "I think many small business owners will be able to feel the impact of stablecoin payment innovation."

When asked why he chose SUI among various blockchains, Kwon explained, "I thought speed was the key," adding, "Considering the characteristics of Korean consumers, we chose SUI, the fastest blockchain."

He also emphasized that TiOrder could raise awareness of virtual assets (cryptocurrencies). Kwon said, "Most investors probably have no experience using virtual assets in the real economy," and expressed hope, "Through TiOrder, we wanted to provide an opportunity to experience virtual assets such as SUI, USDC, and Tether (USDT) as actual payment methods."

He said global business expansion is also a purpose of this partnership. Kwon said, "TiOrder has already entered the North American market, targeting the LA area, and there are quite a few foreign users," adding, "When virtual assets become established as global payment methods in the future, we hope TiOrder will grow into a core platform of global payment infrastructure."