[Announcement] Paycoin’s NEW Business Model & Roadmap
Greetings from Paycoin team!
Paycoin is the first cryptocurrency payment platform that implements low fees and convenient payment methods.
Launched in April 2019, Paycoin has grown by securing approximately 3.2 million users and 150,000 merchants, building its own ecosystem. In April of last year, PayProtocol completed acquiring a cryptocurrency wallet service operator license. However, considering the payment structure and characteristics of Paycoin, financial authorities recommended that PayProtocol secure a bank account and proceed reporting a change of business model. As a result, PayProtocol is currently in close communication with the authorities and banks to proceed change of business model and reporting process.
Therefore, PayProtocol plans to establish a new business model that can provide a more stable service and proceed with the report of changes in business model
We would like to share the new business model of Paycoin and the future roadmap that will be changing in today’s content.
1. Domestic (Korea) Business
Firstly, the payment service provided domestically will change its business structure to a model where other major cryptocurrencies can be directly used for payments, excluding Paycoin (PCI), which is a self-issued cryptocurrency.
The use of major cryptocurrencies for simple payments is already a stable service model in the global market, and Paycoin also plans to resume PCI payment services as related legislation and consultations with financial authorities are completed, while continuing to operate services targeting the existing merchant network and customers through major cryptocurrency payment service.
In addition, we plan to provide our own cryptocurrency wallet solution to securely store various cryptocurrencies, including PCI, in addition to the major cryptocurrency payment service. Based on our wallet service/solution, we plan to pursue various cryptocurrency wallet-related businesses such as cryptocurrency swaps and staking services.
- Wallet solution: It is a cryptocurrency wallet function that currently provides Bitcoin (BTC) and 11 other cryptocurrencies, such as Ethereum (ETH) and Binance Coin (BNB).
- Crypto swap: It is a simple exchange service in the Paycoin app that converts the user’s cryptocurrency into another cryptocurrency. The exchanged assets can be used for deposit services or payments.
- Staking service: By partnering with staking agencies, we provide staking products, and users can receive additional rewards by using their services.
2. International Business
The PCI payment service will continue to be available in the global market. PayProtocol has already secured a license from the Swiss self-regulatory organization (SRO) to provide Paycoin payment services in the Swiss and European markets, enabling the company to offer payment services overseas.
- PCI Payment: We plan to offer PCI payment services to global merchants for overseas users, similar to the domestic PCI payment service that was previously offered.
- UnionPay Payment: Supports a payment method in which users use PCI to charge their UnionPay card.
Paycoin global service will be launched sequentially in countries such as Singapore, Japan, and UAE. Recently, the company has expanded its cooperation with licensed companies in the countries where the business is expanding, including strategic partnerships with “Triple A” in Singapore and “UNIVA Paycast Ltd.” in Japan, and even held a meeting with Bin Sulayem, the chairman of “DMCC,” the central hub of Dubai’s cryptocurrency finance. In addition, the company is in discussions with companies in 3–4 additional countries to provide PCI payment services.
3. PayProtocol’s Layer 2
According to the revised business model, the PayProtocol is ultimately planning to support Layer2 blockchain. This will solve Layer 1 blockchain’s chronic issue — fee and speed by connecting the merchant and payment infrastructure of Paycoin with external Layer1 blockchains, and support real-life payments.
Furthermore, in the long run, PayProtocol plans to expand the Paycoin ecosystem by deploying new chain codes on PayProtocol L2 to support various functions on-chain.
Thank you.
About Paycoin
Paycoin is a blockchain project that is providing the virtual asset based payment service. As a subsidiary of “Danal” — an integrated payment solution provider — Danal Fintech provides virtual asset payment services based on Paycoin blockchain, which reduces the intermediaries in the existing payment process, enabling lower transaction fees and faster settlement cycles to merchants, and a safe and convenient payment environment to users. Paycoin is the first virtual asset that is being commercialized as payment in Korea, and we aim to lead this new payment market and drive adoption for the service.
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