MoonPay and South Korean cryptocurrency exchange operator Dunamu have agreed to explore a strategic collaboration covering international stablecoin payments among other things.
Summary
- MoonPay and Upbit operator Dunamu have agreed to explore stablecoin payments, international fund transfers and blockchain infrastructure for corporate treasury operations.
- The companies plan to combine MoonPay’s global financial network with Dunamu’s blockchain capabilities to examine payment services for businesses operating across different markets.
- Dunamu intends to use MoonPay’s international network to help bring services and digital assets developed within its GIWA blockchain ecosystem to overseas markets.
- As the partnership remains exploratory, neither company has disclosed a launch timeline, financial terms or the stablecoins that could be supported under the proposed services.
In an October 21 press release shared with crypto.news, the companies said they would examine how MoonPay’s global payments infrastructure and partner network could work with Dunamu’s blockchain technology to support cross-border financial services and corporate transactions.
The proposed collaboration covers three main areas, including international fund transfers using stablecoins, digital asset infrastructure for corporate finance, and access to services built on GIWA.
Neither company disclosed financial terms, a launch schedule, or specific commercial agreements under the proposed arrangement.
As the partnership remains exploratory, both companies will assess the technical and commercial viability of the proposed services before making any decisions on their implementation.
MoonPay and Dunamu examine stablecoin payments for businesses
Cross-border payments and corporate fund transfers will be among the first areas MoonPay and Dunamu examine as part of their proposed collaboration.
Together the companies plan to review different ways stablecoins could be used to move funds internationally, drawing on MoonPay’s existing financial services network and Dunamu’s experience operating digital asset infrastructure.
Their discussions will cover potential payment services that use digital assets to transfer funds between markets, along with the commercial requirements involved in developing those services for businesses.
Further, the companies intend to examine how blockchain-based financial infrastructure could support companies managing funds across different jurisdictions, including the movement of money between business entities and other corporate finance activities.
The announcement did not identify any corporate customers participating in the discussions or specify which stablecoins would be supported. Details about transaction settlement, custody arrangements, and the jurisdictions where the proposed services might become available were not provided.
“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.
According to the executive, combining Dunamu’s blockchain capabilities with MoonPay’s international infrastructure could create opportunities for digital asset services and help GIWA-based businesses reach overseas markets.
Dunamu intends to use the collaboration to bring services and digital assets developed within the GIWA ecosystem to international markets through MoonPay’s network of financial service providers and business partners.
GIWA is an Ethereum Layer 2 blockchain developed by Dunamu using the OP Stack, with infrastructure operated under an arrangement with Optimism.
In May, Dunamu partnered with Optimism to develop the network under the Self-Managed OP Enterprise model, which allows the exchange operator to control its own sequencer infrastructure while receiving technical support from Optimism.
MoonPay builds on its South Korean stablecoin expansion
MoonPay’s latest agreement follows its September 29 announcement that it had established MoonPay Korea as part of plans to develop stablecoin payments and digital asset infrastructure across Asia.
The company identified South Korea as a regional base for its operations and outlined potential partnerships with Woori Bank, KB Financial Group, and KakaoBank covering payments, remittances, and financial infrastructure.
MoonPay said it would explore overseas distribution channels for won-denominated stablecoins if such assets were issued under South Korea’s developing regulatory framework. It also plans to pursue the necessary licenses and establish connections with domestic financial systems.
Dunamu has been pursuing similar arrangements with established financial companies. In August, the Upbit operator entered discussions with Visa covering stablecoin payments, international remittances, and financial services using artificial intelligence.
The Visa agreement included an examination of potential Open USD business models, although the companies had not committed to launching a commercial payment service.
Separately, Dunamu signed an agreement with Hana Financial Group and POSCO International in April to pilot blockchain remittances using GIWA Chain, with plans to process real trade transactions through POSCO International.
The proposed system was designed to combine payment messaging and settlement within a single process, with the companies identifying corporate trade payments as an initial application.
MoonPay and Dunamu said they would continue evaluating the technical and commercial requirements of their latest collaboration and identify potential business models across payments, corporate treasury operations, and GIWA-based services.