Chainlink will be the primary oracle provider for the retail payment solutions on Paycoin. The Korean company announced the new partnership that involves using Chainlink Price Feeds in the payment system.
There will be more collaboration and integration in the next phases of the latest partnership,
“Korean payment provider @PayProtocol will integrate #Chainlink Price Feeds to access exchange rates used for crypto payments made across its retail & e-commerce network. Chainlink will also provide asset valuations within their upcoming #DeFi offering,” tweeted Chainlink.
More Accurate Prices in Payment Services
Offering retail payments with cryptocurrency is vital in attracting mainstream users to innovative solutions. Many companies have tried to provide more comfortable crypto payments, and Paycoin is one of Korea’s most progressive ones. They have decided Chainlink as the oracle provider to offer fair market exchange rates to its users.
Paycoin has to convert cryptocurrencies to fiat money in the application to ease the process of retail payment. Using Chainlink Price Feeds, they will have access to a reliable source of price data for exchanging the currencies.
Using oracles has always been a better solution for providing accurate data to blockchains. Paycoin believes the Chainlink oracles, because of their leading activity in the market and the decentralized nature, can help them provide better solutions.
“At Paycoin, we’re combining blockchain technology with our vast retail network so users can more easily spend their cryptocurrency within their daily lives. Chainlink price oracles will enable us to provide a more reliable products and services to our users,” said Ted Hwang, CEO of Paycoin.
Paycoin, launched in April 2019, has been successful in attracting users to the new crypto-based services. They currently have more than 750,000 users in Korea and partner with big companies like KFC, Domino’s Pizza, 7-Eleven, and more. The new partnership with Chainlink helps them make more financial products.
“Moving forward, Paycoin intends to offer DeFi products and other virtual assets based financial services that are directly accessible in its mobile platform. Chainlink’s price feeds will be used to provide valuations to crypto-assets, enabling Paycoin to provide optimal service to its users,” the company announced.
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