China-based financial services giant, UnionPay, and South Korean payments firm, Danal, is set to launch a new crypto-supporting digital mobile card as part of their collaboration project that aims to elevate crypto adoption.
Danal, who is the more well-versed on cryptocurrencies among the two, proposed that the new collaborative crypto mobile card be modeled on its already existing crypto wallet, the Paycoin. The firm then noted that users would be able to use both cards interchangeably to avail of goods and services at the wide ranging UnionPay merchants worldwide. As it currently stands, UnionPay has over 30 million merchants across 179 regions and countries.
Park Sang Man, the CEO of Danal, spoke about the upcoming crypto card in the South China Morning Post. He said that the card could prove beneficial to both local and foreign payments and exchange. Furthermore, Man notes that the still-unnamed collaborative crypto card can be topped up with fiat currencies and digital coins.
Danal’s Paycoin is a blockchain asset built on Linux Foundation’s HyperLedger platform. It is predominantly used in South Korea – wherein it initially launched last year – but Danal made it clear that it plans to take Paycoin outside the country as well. Paycoin already has over 760,000 users and is currently available on prominent exchanges such as CoinOne, Huobi, UpBit, and many more.