Crypterium and BitPax, a subsidiary of the South Korean PaxNet holding, have signed a memorandum of understanding (MoU) to kick-start a collaboration focused on the sustainable development of multiple cryptocurrency services in the Asian region.
The agreement was signed by Crypterium COO Austin Kimm and Tae-cheol Kim, CEO of BitPax, in a brief ceremony that took place in Seoul, South Korea.
The Joint Venture between Crypterium and BitPax is focused on the expansion of crypto-based financial services across Asian economies. Both companies are expected to create synergy by combining BitPax’s Crosschain technology and Crypterium’s multiple fintech services.
Asia is one of the most promising regions when talking about blockchain and cryptocurrency adoption. Apart from Japan and Singapore, South Korea has established itself as a rising star in this field by providing a healthy legal framework for startups in this sphere, as well as for citizens to access digital assets.
A survey by the Korea Financial Investment Association (KOFIA) on the topic of cryptocurrency ownership has shown that the average South Korean cryptocurrency trader has increased its digital currency holdings by 64.2% in the last year. A rather important trend considering the bearish pressure that has affected the market over the past twelve months.
In this context, Crypterium’s alliance with BitPax is vital. Its parent company PaxNet Corp is a major player not only in South Korea, but in the entire Asian region. The conglomerate owns a portfolio of companies in various sectors, such as online financial solutions, stock trading, financial analytics, news outlets, telecommunications and research.
This agreement will help Crypterium to leverage PaxNet’s business network and user base, widening our services to potentially reach millions of new users.
Moreover, this deal will also open new doors for the Crypterium Card — the first global crypto debit card. In many Asian countries, cashing out cryptocurrencies remains a challenging and expensive process for crypto holders. Users of PaxNet companies could largely benefit from a seamless solution to use and withdraw their digital assets on the go.
Two of the main factors stopping blockchain technology from mass adoption are interoperability and scalability. In simple words, the ability of blockchain networks to interact between each other and the amount of transactions they are able to handle.
Earlier this year, BitPax has recently introduced ‘Crosschain’ — a revolutionary technology that enables the connection between different blockchains. While this is not the first project working on this field, BitPax’s proprietary technology is capable to process 4,000 transactions per seconds (TPS), making it the fastest alternative in the market.
At Crypterium, we are working non-stop to ensure our clients benefit from the best possible services. A cooperation with BitPax in this area could positively impact the scope of our Crypterium services, giving you more options when it comes to sending and receiving digital assets, and ensuring all transactions are always processed at the fastest speed.
“Crypterium only cooperates with top-notch companies. BitPax is the first Korean company to successfully develop Atomic Swap technology. That achievement is hard to ignore and it certainly meets our standards for establishing a fruitful strategic partnership. Establishing a joint venture company with BitPax will help Crypterium bring quality Fintech services to major Asian markets, including South Korea,” said Crypterium COO Austin Kimm.
This agreement is also expected to provide Crypterium with a solid knowledge on how to effectively navigate the complex blockchain and cryptocurrency regulatory environment in Asia. Working alongside with local authorities is essential to benefit from crypto-friendly laws, and offer an even higher protection to all our clients.
In this sense, PaxNet seems like the perfect partner for us, taking into account the large number of blockchain businesses developed so far in this region.
With Crypterium’s know-how on delivering quality financial services, BitPax will develop new functions for its extensive user base, including lending services, cross-border payments and cash outs to the cards.
Crypterium is one of the most promising fintech companies, according to KPMG and H2Ventures. We are building a mobile app that meets the banking needs of the digital assets era.
Our goal is clear: with Crypterium, whatever you can do with traditional money you will able to do with digital assets. This idea is supported, among others, by the co-founder of TechCrunch Keith Teare and over 400,000 registered users, and the number is growing by day.
The team is led by former General Manager of Visa Central & Eastern Europe Steven Parker, and C-level executives from global financial institutions, like Renaissance Insurance, London Derivatives Exchange, American Express etc.
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