Paycoin, a crypto payments company based in South Korea, has kickstarted its expansion into the global crypto payments market through a partnership with Singapore-based crypto payment firm TripleA.
Payprotocol AG, the issuer of Paycoin (PCI) has on Friday announced a memorandum of understanding (MOU) with TripleA, to collaborate on building a global crypto payments ecosystem.
This partnership will commence with enabling all Paycoin users to pay with PCI to TripleA’s merchants, according to TripleA’s statement.
Payprotocol AG and TripleA will work closely with government bodies and global financial regulators to ensure full compliance with anti-money laundering regulations.
“Paycoin was founded as Danal is aiming to create a global payment network. With this partnership, we will continue to maximize the benefit of blockchain technology, and build a global payment network around Paycoin,
“Furthermore, we will also create a regulated and licensed environment for our partners to operate within, to ensure that we will not be used as a vehicle for illicit activities like money laundering,” said PayProtocol Chief Executive Officer Ryu.
Paycoin has expanded into Singapore as its first global market due to the strong crypto regulatory frameworks available in Singapore. Singapore is one of the few countries that has implemented detailed regulation around crypto-based businesses.
As a fully licensed digital payment token service provider in Singapore, TripleA’s partnership will enable Paycoin to build a payment system to be used globally, like it has built for the Korean market.
“TripleA is happy to partner up with Paycoin as its global payments provider,
“This is a mutually beneficial partnership that will connect PayProtocol with merchants globally, and also give TripleA keen insights into the Korean market,” said Eric Barbier, Chief Executive Officer of TripleA.
Paycoin is a blockchain project that provides virtual asset based payment service. As a subsidiary of “Danal” — an integrated payment solution provider — PayProtocol provides virtual asset payment services based on Paycoin blockchain, which reduces the intermediaries in the existing payment process, enabling lower transaction fees and faster settlement cycles to merchants, and a safe and convenient payment environment to users.
Paycoin is the first virtual asset that is being commercialized as payment in Korea, and it aims to lead this new payment market and drive adoption for the service.
The firm has successfully introduced crypto payment services to more than 3 million users and 150,000 merchants in Korea.
Established in 2017, TripleA is a crypto payment company that allows businesses to pay and get paid in digital currencies, volatility free. Its roster of clients include Razer, Charles & Keith.
TripleA is a licensed crypto payment gateway that helps businesses increase their revenue by enabling crypto payments and payouts, giving them access to the spending power of the fast-growing 300 million + cryptocurrency users.
Its white label crypto payments solutions allow businesses from all industries to leverage the benefits of the growing crypto market without being exposed to volatility risk or having to handle or convert digital currencies.
Their solutions are compatible with all wallets, easy to integrate and offer instant confirmation, locked-in exchange rates and chargeback protection.
Licensed by the Monetary Authority of Singapore (MAS) and trusted by over 15,000 businesses, TripleA makes accepting crypto payments simple for businesses across the globe.