1 of 2 | A man walks past the headquarters of a South Korean internet-only bank, Kakao Bank, in Seongnam, south of Seoul, South Korea. Photo by YONHAP / EPA
July 23 (Asia Today) -- South Korea's Kakao Group has partnered with global stablecoin company Circle Internet Group to develop blockchain-based payment systems and infrastructure for won-denominated digital assets.
Kakao said Thursday that Kakao Corp., Kakao Pay and KakaoBank signed a strategic memorandum of understanding with Circle to cooperate on digital asset technology and blockchain payment infrastructure.
The companies plan to combine Kakao's platform and financial service ecosystem with Circle's global blockchain and payment infrastructure.
They will jointly explore business opportunities involving payments, settlements and connections between digital assets and conventional financial systems while complying with South Korea's developing regulatory framework.
