Upbit Operator Dunamu Partners With MoonPay to Advance Stablecoin Payment Solutions

MoonPay and South Korean cryptocurrency trading platform provider Dunamu have entered into a strategic collaboration agreement for international stablecoin payments, among others. The two firms stated in an October 21 press release that they will study how MoonPay's payment system and partner network can work together with their blockchain technologies to enable cross-border finance and corporate transactions. There are three major categories under which the collaboration will operate, namely international stablecoin fund transfer, corporate digital asset infrastructure, and access to GIWA services.

MoonPay and Dunamu Explore Three Areas of Digital Asset Collaboration

No financial terms, timeline, or even commercial arrangements have been made by either firm for the proposed deal. As the current status is exploratory, both firms will evaluate the feasibility of implementing the proposed services based on the technical and commercial viability of the same. Cross-border payment transactions and corporate transfer of funds will be one of the first things to look at by MoonPay and Dunamu. 

The companies together would examine various means through which stablecoins can be used to move money internationally, using the expertise of each company in their respective domains. These discussions shall focus on various payment services involving the use of digital assets to move money across markets, as well as the business needs of developing such payment services. 

In addition, the companies would like to investigate how blockchain-based financial architecture can help firms that manage money in different jurisdictions, such as the transfer of money between business firms.

“For stablecoins to function as global financial infrastructure, it is important to have the technology and network to support not only cross-border payments and fund transfers, but also the real financial operations of businesses,” Bugeon Lee, MoonPay's head of APAC, said in a statement. The executive believes that the synergy between Dunamu's blockchain strengths and MoonPay's global capabilities can present opportunities for digital asset solutions and help GIWA companies penetrate foreign markets.

In July, Samsung SDS, part of Samsung Group's IT services structure, also announced that it would explore a stablecoin framework, AI-based payment models, and digital asset systems in cooperation with Dunamu. Similar to MoonPay, a partnership with Dunamu will help Samsung SDS build a strong stablecoin foundation, which is crucial given the growth of stablecoins over the past year.