Coinplug will provide DID solutions to South Korean mobile payments
(Seoul, South Korea — Nov 20 , 2019). Coinplug, a South Korean blockchain technology company announced today it signed a strategic partnership with Paycoin which is a subsidiary of Danal, a payment solutions company with 20 years of experience.
Danal launched Paycoin, a blockchain-based payment service for online/offline merchants, with the goal of mitigating the pain points of traditional payment systems, mainly excessive intermediary processes and high fees. Paycoin is speeding the popularization of payments with cryptocurrencies in South Korea with more than 170,000 registered users and merchants including 7-Eleven, Domino’s, KFC, and more.
Coinplug will provide Decentralized Identity (DID) technology to the Paycoin platform in order to give the highest data protection to its users. Through this partnership, the two companies will expand their business in various ways, including expanding DID-based authentication services, establishing blockchain-based payment services online and offline, and expanding their business into financial services.
“We hope to expand the use of DID technology by applying our patent-protected technology in real life solutions through this business partnership with Paycoin who has expertise and infrastructure in the payment services area” said Coinplug’s CEO Ryan Uhr.
Coinplug, which recently received $6.4 million dollars in investment, has been stepping up its efforts to commercialize the DID technology developed in cooperation with Metadium Technologies. Coinplug is currently exploring commercialization cases of DID in various fields including finance, education, games, energy and administration, and it’s also looking into overseas projects in China, Latin America and Vietnam.