MoonPay establishes a Korean subsidiary, its business covers Korean won stablecoin distribution and cross-border payments

Odaily Planet Daily News Encrypted payment company MoonPay has established a subsidiary in South Korea, MoonPay Korea, and plans to use South Korea as a hub for its Asia-Pacific business expansion.

The company has reached cooperation with KakaoBank, Woori Bank and KB Financial Group, and its related businesses cover cross-border payments, Korean won stable currency distribution, wallet services, and crypto asset deposits and withdrawals. MoonPay has previously signed a memorandum of understanding with Woori Bank to support the global distribution, cross-border settlement, wallet access and currency exchange infrastructure of Korean won stablecoins. In addition, MoonPay will also apply for the required licenses in South Korea and promote related services to be further integrated into South Korea's local financial system.