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HDAC Technology Signs MOU with Culture Lab to Develop Cryptocurrency-Based Payment Service

-Collaboration in developing blockchain-based digital payment services to support digital transformation and settlement in diverse business environments
-Activation in blockchain services by reducing the fee burden and providing more flexible and faster payment processes

HDAC Technology announced that it has signed an Memorandum of Understanding(MOU) with “Culture Lab Co., Ltd. (CEO Byung Ki Hong) to develop cryptocurrency-based payment services. The two companies plan to strengthen cooperation in technology, sales, and marketing to develop services that can be used for various businesses using HDAC’s mainnet-based cryptocurrency platform technology and Culture Lab’s digital payment terminal platform.

Through this business agreement, the two companies will establish blockchain-based cryptocurrency payment terminal services to provide more convenient payment services to small business owners and consumers, and also introduce blockchain services that can be used in everyday life. Blockchain-based payment services ease the burden of third-party fees such as cards and banks of existing payment services and provide more flexible and reasonable payment services. Furthermore, the global payment process can be provided more economically and quickly to provide convenient services to users who use global markets such as business and direct purchase for overseas expansion.

Meanwhile, Culture Lab is a system software development and supply company that focuses on payment terminal and platform development, who is recently planning to support the digital transformation and settlement of small businesses such as stores and workshops including traditional markets to promote ‘Smart All-in-One’ payment terminal with KT.

Sung Hwan Won, CEO of HDAC mentioned that “As non-face-to-face payment method is becoming a global trend, this agreement is a part of efforts to provide next-generation payment services through blockchain service development and public funds, along with the spread of Covid-19” and said “this will provide blockchain technology cases that can be used closely in everyday life by Blockchain-based payment service development and public funds.

Byung Ki Hong, CEO of Culture Lab, said, “We expect to introduce blockchain technology into payment services through this agreement with HDAC to provide more convenient transaction services for the users.” and said “We will try to support digital innovation of small business owners based on the synergy between the two companies’ blockchain technology capabilities and payment service expertise.”

HDAC’s blockchain Mainnet “RIZON,” which will be introduced into Culture Lab, is a Tender Mint-based hub blockchain that is set to be released in the second half of this year. HDAC’s Mainnet, which is called IBC(Inter-Blockchain Communication) connects various blockchain, and enables stable coins to transfer between different chains, and features high interoperability, versatility, and speed in the blockchain ecosystem. Through this collaboration, HDAC plans to expand the D-App ecosystem of TenderMint-based RIZON Mainnet and prove actual use cases that can be used in everyday life.

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