Travelwallet to pursue collaboration with Crypto.com on a Korean won-based stablecoin

Travelwallet announced on the 21st that it had entered into a business agreement with global virtual asset (cryptocurrency) platform Crypto.com.

Through this agreement, the two companies will pursue strategic collaboration in three core areas: co-branded cards, integration of virtual asset trading services, and a Korean won-based stablecoin (a virtual asset whose value is linked to fiat currency).

Under this agreement, Travelwallet will be designated as Crypto.com's priority issuing partner in South Korea, and the two companies will launch a co-branded prepaid card. Through this, users will be able to enjoy a hybrid payment experience that allows them to use fiat currency and cryptocurrencies anywhere. Travelwallet plans to provide a function in its application (app) that will allow users to trade virtual assets directly without separate exchange registration in the future.

The Korean won-based stablecoin that Travelwallet is developing will be linked to the Crypto.com ecosystem and will support mutual circulation and payments across the two companies' platforms. It is expected to provide faster and cheaper overseas payment and remittance infrastructure, laying the groundwork for the Korean won stablecoin to be used in the global digital economy.

Kim Hyung-woo, CEO of Travelwallet, said, "This cooperation is the starting point of a new payment paradigm where fintech finance and blockchain finance meet," and "Travelwallet will build an integrated payment ecosystem encompassing foreign currency, virtual assets, and stablecoins to raise the global competitiveness of Korean fintech to the next level."