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South Koreans Can Pay With Bitcoin in Stacks, Paycoin Integration
This integration means merchants who accommodate Paycoin will soon accept STX and bitcoin as methods of payment.
Updated Nov 12, 2024, 5:47 p.m. Published Jun 11, 2021, 10:26 p.m.
Stacks is partnering with South Korean e-commerce protocol Paycoinhttps://payprotocol.io/index_eng.html to support transactions with its currency STX.
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This integration means merchants who accommodate Paycoin will soon accept STX and bitcoin as methods of payment, the Stacks Foundation, which builds apps on top of the Bitcoin blockchain, announced. Businesses that accept Paycoin, such as Domino’s Pizza, KFC and 7-Eleven, will allow for customers to transact in these cryptocurrencies.
There are 1 million users of the Paycoin application and 70,000 businesses that accept this cryptocurrency.
Users can hold STX and collect returns in bitcoin within the application, Stacks said in its release. This encourages users to transact in STX in order to gain rewards in digital currency to continue spending in the app.
The partnership of Paycoin and STX will allow for businesses and consumers to use cryptocurrency every day, according to the Paycoin Blog. All transactions will take place within the Paycoin application. This compartmentalized process allows for greater ease of digital currency transactions, which for some has hindered participation in blockchain technologies.
Paycoin is a blockchain payment project with the goal of high efficiency transactions for businesses and consumers. It is a subsidiary of Danal Fintech, a South Korean company specializing in mobile commerce solutions.
According to Mitchell Cuevas, head of growth at the Stacks Foundation, the integration will entice business owners to accept Paycoin because it will reduce “friction with the preloaded wallet.” He claims there is a “gravitation towards holding money in a place to participate in the upside of assets,” such as bitcoin returns on STX holdings.
When compared to South Korean stablecoin terra, which has proved successful in the nation, STX and Paycoin are far more volatile. According to Cuevas, their respective usages depend on “the level to which the user is risk averse.”
“Korea is one of the most heavily regulated crypto markets,” he said, and that substantial trust in coins is essential to the success of the integration.
“What is important in these markets is utility, things you can spend [STX] on, not just a black box that sits in a wallet,” he said.
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