[News]“Building a secure payment and remittance system by combining only the advantages of blockchain”
“The negative perception of blockchain is spreading because many companies have focused on securing funds through ICO too easily, rather than implementing actual technologies and services. LN Venture Group is a hybrid block of Reapchain Based on chain technology, we will implement a blockchain ecosystem that can be safely and quickly used for payment and remittance in the industrial field.”
LN Venture Group CEO Lee Jung-han recently met with Maeil Business News and raised his voice saying, “The reality of the domestic blockchain market is that receiving investment with a single white paper does not have the ability to judge the feasibility of it, and companies are also exploiting it to attract investment.”
Since entering the blockchain business in 2014, CEO Lee has been promoting the service-type blockchain project ‘Reapchain’. ‘Coinvest’, a blockchain technology developer, ‘Reappay’, a payment gateway (PG) business, and ‘YL Solution’, which creates a system to prevent omission of corporate sales, were established as LN Venture Group. In this process, it invested 10 billion won on its own, instead of hastily attracting investment.
CEO Lee, who was an engineer, came into contact with ‘Bitcoin’ in 2013 and decided to focus on the blockchain business, judging that it would be a future innovative technology. CEO Lee emphasized, “I had difficulties in remittance while doing overseas business. It took 5 days at the time, but it still takes 1–2 days. By using blockchain, we can solve such corporate problems.”
However, at that time, Bitcoin was difficult to use in actual fintech. CEO Lee said, “No one wanted to buy anything with bitcoin, which fluctuates widely. That’s why he put his efforts into developing ‘Reapchain’ that satisfies both high security and fast payment. Reapchain adopts a hybrid blockchain method that combines the advantages of a “public blockchain” that is characterized by transparency and decentralization and a high-speed “private blockchain”. After making a quick payment with a dedicated blockchain, it is recorded once again with a high-security public blockchain for post-processing. In realizing such a dual structure, not only self-development accumulated over many years of know-how, but also industrial-educational cooperation with KAIST and Seoul National University was of great help.
CEO Lee is realizing his dream of applying blockchain technology to the actual field. We plan to introduce Reapchain’s decentralized finance (DeFi) at the end of this month, and Seonjeongsan service ‘Payment Nara’ at the beginning of next month. Reapchain’s DeFi is based on its own coin, Reap. When a user buys a coin from an exchange and deposits it in the Reapchain DeFi, a Reappay with low price volatility like fiat currency is issued. The issued Reappay will be used for selection in the payment market. The fee generated here is paid as a profit to the person who deposits the Reapchain. Normally, if you earn money through a delivery app, you will receive payment after 15 days, but if you use the country of payment, you can receive the payment the next day.
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