Danal Fintech to Support Retail Bitcoin Payments Using Chainlink Price Oracles
On February 17, 2021, Danal Fintech, a virtual asset payment service provider, announced that it will be the first company to commercialize Bitcoin payments in South Korea. This service, which leverages the Paycoin Wallet, will rely on Chainlink Oracles to access transparent and accurate real-time market prices when converting Bitcoin to PCI — Paycoin’s digital currency.
Paycoin is a blockchain-based virtual asset payment service initiated by Danal, one of the largest payment gateways (PG) in South Korea. It started the service back in April 2019, and within two years of operation it has partnered up with more than 60,000 merchants in Korea, including major franchises such as 7-Eleven, Domino’s Pizza, KFC and more.
Paycoin will soon begin supporting Bitcoin payments in its native application — Paycoin Wallet. Once this integration is completed, users will be able to use their BTC by taking the following steps.
- Users send BTC from their own wallet (or exchange) to the Paycoin Wallet App.
- Exchange BTC to PCI using a real-time conversion rate provided by Chainlink.
- Users pay with PCI at any of the Paycoin merchants.
Throughout the exchange process, we will use Chainlink oracles to ensure an accurate market price for our users. From Paycoin’s perspective, using Chainlink Price Oracles is extremely important as it provides high transparency and precision in generating a global market price, which is aggregated from across hundreds of exchanges and weighted by volume. It’s also secured by a decentralized network of security reviewed oracle nodes, ensuring that exchange rates are highly available and tamperproof.
The wide array of Chainlink oracle price feeds will also enable Paycoin to easily and quickly expand its available payment currencies to include other virtual assets such as Ethereum (ETH), ICON (ICX), and more. This also includes facilitating swaps between various virtual assets seamlessly. Moreover, we will begin covering investment products, which users will be able to invest in using their virtual assets. Chainlink Price Feeds will be used to provide valuation to these virtual assets investment products and ensure that our users receive an optimal service.
“As one of the fastest growing nations in terms of cryptocurrency adoption, we’re excited to leverage Chainlink’s highly trusted price oracle solution to bring cryptocurrency payments at scale to the South Korean market,” stated Ted Hwang, CEO of Paycoin
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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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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