This article was first published on OntologyNetwork - Medium
Today, Ontology announced its partnership with BLUCON, a Korean commercial infrastructure blockchain project focused on digital asset payments. The two sides will work together in various scenarios, including everyday spending and cross-border payments. The cooperation will also cover DeFi and wallet.
Statistics show that each South Korean has 3.6 credit cards on average and credit card spending has become very commonplace in the country. BLUCON has many years of experience in payments, supporting transport cards in South Korea, smart travel cards in Southeast Asia, and EMV debit/credit cards. The BLUCON card is issued by the second-largest smart card issuer in South Korea and is recognized by the financial authority in the country. Similar to general-purpose prepaid cards and Hong Kong’s Octopus card, the BLUCON card is a convenient alternative to cash in South Korea and is accepted by more than 210,000 retailers in the country, such as convenience stores, public transportation, and entertainment.
BLUCON currently supports remittance and withdrawal services and offers two payment methods: digital asset and fiat payment. In the partnership, Ontology’s stable coin PAX will be displayed in the form of loyalty points in the BLUCON system and its price in transactions will be consistent with the price on exchanges. BLUCON points will be converted to the Korean Won at a ratio of 1:1.
Speaking on this partnership, Sabrina Kim, CEO of BLUCON, said “Ontology is one of the earliest blockchain projects in the world and has a large international community. Ontology’s technical prowess is also widely recognized. The MOU marks a new beginning of the integration between Ontology’s blockchain technology and BLUCON’s payment platform. We aim to empower crypto-asset holders in their everyday lives and provide solutions for the blockchain industry through the integration of BLUCON’s technology. With Ontology’s blockchain technology, the two sides are ...
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OntologyNetwork - Medium