South Koreans can pay with Stacks (STX) now after the Paycoin integration which offers bitcoin returns on e-commerce transactions in the country as we can read more in our latest cryptocurrency news.
Stacks is partnering with South Korean e-commerce protocol Paycoin to support transactions with STX cryptocurrency. The integration means that South Koreans can pay with stacks and merchants who accommodate paycoin will accept sTX and bitcoin as a method of payment with Stacks Foundation that builds apps on the Bitcoin blockchain announcing the news. Businesses that accept Paycoin like KFC, Domino’s Pizza, and 7-eleven will allow customers to transact these cryptocurrencies.
There are 1 million users of the Paycoin application and about 70,000 businesses that accept this cryptocurrency. Users can hold STX and collect more returns in BTC within the app as Stacks announced. This encourages users to transact in STX to gain more rewards in digital currency and continue spending in the app. The partnership of Paycoin and STX will allow businesses and consumers to use crypto each day and all transactions will take place within the Paycoin application. The compartmentalized process allows for bigger ease of digital currency transactions which some hindered participation in blockchain technologies.
Paycoin is a blockchain payment project that has the goal of achieving high-efficiency transactions for businesses and consumers. It is also a subsidiary of Daniel Fintech as a South Korean company that specializes in mobile commerce solutions. According to Mitchell Cuevas, the head of growth at stacks Foundation, the new integration will entice business owners to start accepting Paycoin because it will lower down the friction with preloaded wallets. He claims that there is a shift towards holding money in a place to participate in the upside of assets like BTC returns on STX holdings.
When compared to South Korean stablecoin Terra which is very useful in South Korea, STX and Paycoin are more volatile. According to Cuevas, the usages depend on the level to which the user is risk-averse. Cuevas said:
“Korea is one of the most heavily regulated crypto markets. What is important in these markets is utility, things you can spend [STX] on, not just a black box that sits in a wallet.”
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