Korbit to Commercialize Stablecoin Payments via "Moneytree" App

Korbit, South Korea's first virtual asset exchange, announced on April 10 that it will launch a stablecoin-based payment business in partnership with the electronic financial service provider Galaxia Moneytree.

Sejin Oh, CEO of Korbit (left), and Donghoon Shin, CEO of Galaxia Moneytree, are attending a business agreement ceremony held on the morning of the 9th at the Galaxia Moneytree headquarters in Seoul and posing for a commemorative photo. Korbit

This initiative aims to enable the use of virtual assets for everyday payments. The two companies have agreed to link Korbit’s virtual asset trading infrastructure with Galaxia Moneytree’s “Moneytree” app.

Through this business, the companies plan to establish a stablecoin-based top-up, payment, and settlement structure. Users will be able to charge Moneytree Cash using their virtual assets held on Korbit and make payments at affiliated merchants. After verifying the stability of the service and the operational framework through gradual proof-of-concept (PoC) stages, they plan to move forward with a phased commercialization.

A Korbit representative stated, “We will enhance the user experience based on a stable trading infrastructure and expand the range of use for virtual assets.”

This content was produced with the assistance of AI translation services.