South korea blockchain industry

Number of South Korean Crypto Firms Enter Payments Market

South Korea-based cryptocurrency and Blockchain firms are venturing into the simple payments market.

Dunamu, a South Korean company which also has a crypto exchange by the name of Upbit, is facilitating the development of a mainnet by its partner companies on the Luniverse Blockchain platform. The independent Blockchain network will have a crypto reward system which will be built with the help of the Bitberry API.

Luniverse is developed by Lambda 256, which is a Blockchain research institute established by the parent Dunamu firm. Bitberry is a crypto wallet. It allows anyone with a phone number to send cryptocurrency.

As per Dunamu, the Luniverse Blockchain will allow any company in the world to develop a crypto wallet and a decentralized application.

The CEO of Rootone (which is a subsidiary of Dunamu) Chang Sung-hoon was quoted as saying,

“Bitberry API is being used by firms in about 10 sectors, such as peer-to-peer (P2P) finance, education, advertisement, commerce, entertainment, mobility and content, including blockchain-based augmented reality (AR) game developer Mossland. When an upgraded version of Bitberry API is applied in the first quarter this year, each partner company can directly connect its own services with the Bitberry account or use the cryptocurrency payment functions. We are also planning to provide ‘key management service’ to partner companies which seek to realize its own cryptocurrency wallet without connecting with Bitberry in the future.”

Coinduck, which is a crypto payment service provider, is participating in the ‘Create Lab’ project based on the Coinduck Payment. Coinduck Payment is a technology that facilitates the payment in Ethereum currency at offline locations. Create Lab or C-Lab is a venture incubation project by Samsung Electronics.

Bithumb Cash, a crypto payment and remittance services platform, is expected to join hands with the Blockchain Exchange Alliance.

In another news, TTC Protocol has released its simple payment service called ‘TTC Pay.’ TTC Protocol is a decentralized reward system based social network.