A new partnership has been signed in the country that is expected to lift the ban on Bitcoin exchange-traded funds!
As partnership news continues in the cryptocurrency market, the alternative token Avalanche ($AVAX ) has emerged, which the Turks are following with great interest.
Accordingly, the South Korean foreign exchange trading platform Travel Wallet signed a cooperation agreement with #أفالانش .
Travel Wallet signed a memorandum of understanding with Avalanche, a layer one blockchain, to develop a stablecoin based on the Korean won, according to local news agency Nafur.
As part of this partnership, Travel Wallet plans to issue a stablecoin pegged to the Korean won at a 1:1 ratio and use smart contracts to design a programmable stablecoin.
As part of this collaboration, Travel Wallet and Avalanche plan to build next-generation financial payment infrastructure based on stablecoins, which can be applied in all sectors for both consumers and businesses. This infrastructure can be used in areas such as integrated online and offline payments, business-to-business (B2B) settlements for corporate clients, and financial automation solutions locally and internationally.
Kim Hyung-woo, CEO of Travel Wallet, stated:
This project represents an attempt to reimagine how the financial sector operates with technology, going beyond digital payments. The project has great potential for expanding a global payments infrastructure and, locally, for the future.
Based on technological reliability and compliance with regulatory standards, we will build a stable and usable stablecoin ecosystem both locally and internationally.
As is known, the new South Korean president, Lee Jae-myung, promised during his election campaign to allow the issuance, listing, and trading of exchange-traded funds based on cryptocurrencies like Bitcoin.
At this stage, the South Korean authorities will work to fulfill the promises of the newly elected president, Lee Jae-myung, regarding cryptocurrencies. The Financial Services Commission (FSC) aims to prepare a plan to promote instant exchange-traded funds in the second half of the year and complete the regulatory framework related to stablecoins during the same period.
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