Business data platform company Kukon announced on July 7 that it has completed a proof of concept (PoC) for a stablecoin-based payment ecosystem in collaboration with iM Bank and blockchain firm Bitose.
This PoC was conducted amid growing discussions on the institutionalization of stablecoins, aiming to verify the feasibility of implementing stablecoin-based payment services through collaboration between banks, payment infrastructure, and blockchain companies.
Kukon played a key role in this verification by utilizing its own payment data API and infrastructure integration technology to connect iM Bank's financial infrastructure with Bitose's blockchain and cryptocurrency payment gateway (CPG).
The project successfully integrated the entire process from user payment requests to merchant information retrieval, blockchain-based payment processing, and result notifications, ensuring a stable environment for processing payment data across different systems.
Additionally, a process was established to transparently record payment details using blockchain technology, allowing merchants to receive immediate settlements.
Based on the results of this PoC, Kukon plans to explore the commercialization of stablecoin-based payment and settlement services and expand its application in digital financial services.
Kukon CEO Kim Jong-hyun stated, "We have confirmed the possibility of connecting existing financial infrastructure with blockchain payment systems into a single payment flow. We will expand our role as a technology partner in the digital asset ecosystem based on our financial API platform and payment network capabilities."
This PoC was conducted amid growing discussions on the institutionalization of stablecoins, aiming to verify the feasibility of implementing stablecoin-based payment services through collaboration between banks, payment infrastructure, and blockchain companies.
Kukon played a key role in this verification by utilizing its own payment data API and infrastructure integration technology to connect iM Bank's financial infrastructure with Bitose's blockchain and cryptocurrency payment gateway (CPG).
The project successfully integrated the entire process from user payment requests to merchant information retrieval, blockchain-based payment processing, and result notifications, ensuring a stable environment for processing payment data across different systems.
Additionally, a process was established to transparently record payment details using blockchain technology, allowing merchants to receive immediate settlements.
Based on the results of this PoC, Kukon plans to explore the commercialization of stablecoin-based payment and settlement services and expand its application in digital financial services.
Kukon CEO Kim Jong-hyun stated, "We have confirmed the possibility of connecting existing financial infrastructure with blockchain payment systems into a single payment flow. We will expand our role as a technology partner in the digital asset ecosystem based on our financial API platform and payment network capabilities."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.