Decentralized data oracle network Chainlink announced that South Korea’s leading crypto payments network Paycoin integrates with the platform. As per the official tweet, Paycoin will use Chainlink’s price feeds and exchange rate APIs for crypto payments across retail and e-commerce networks. It will also use Chainlink’s digital asset valuation for their upcoming DeFi products.
Korean payment provider @PayProtocol will integrate #Chainlink Price Feeds to access exchange rates used for crypto payments made across its retail & e-commerce network. Chainlink will also provide asset valuations within their upcoming #DeFi offering. https://t.co/s3fWkNFL3P
— Chainlink – Official Channel (@chainlink) October 27, 2020
Paycoin is one of the leading blockchain-powered payment networks in South Korea. It is a subsidiary of Danal, a giant payment solutions provider, and focuses on minimizing transaction fees and transaction times while also ensuring maximum safety for settlements by eliminating intermediaries in payment processes. On the other hand, Chainlink is an established name in providing blockchain data oracles, managed by a decentralized global community of developers.
Commenting on their partnership with Chainlink, Ted Hwang, CEO of Paycoin, said that they are combining their blockchain and retail network to allow users to utilize crypto on a daily basis. Ted further added that with the help of Chainlink’s prices oracles, they would be able to provide reliable and secure products and services to their customers.
In the official announcement on Medium, Paycoin stated that Chainlink’s services would allow it to provide fair market exchange rates to its users for making retail payments. It currently has a user base of more than 750,000 people in South Korea, while its merchant partners include retail biggies like Domino’s and KFC.