April 20, 2024

• 

[THE INVESTOR] Local blockchain startup Chain Partners has rolled out Korea’s first Ethereum-based offline payments service Coinduck, on Jan. 4. 

Coinduck, applying Chain Partner’s on-chain instant transaction technology, allows users to make payments and wire transfers with Ethereum coins within five seconds, shorter than the average 15 seconds. Coinduck payment service is compatible with all kinds of mobile cryptocurrency wallets in Korea and exchanges overseas, making access easier for Ethereum owners. 

The firm is seeking to expand marketing campaigns for the upcoming PyeongChang Winter Olympics that will kick off next month. It is partnering with large restaurants, accommodations and ski rental shops in PyeongChang, Gangwon Province, for visitors to use the service during the event. It is working to increase the number of partners with the service available at many outlets across Seoul as well. 

“Over 3 trillion won (US$2.82 billion) of cryptocurrency is being traded in Korea every day, but there hasn’t been a practical use (of cryptocurrency) other than for investment purposes,” said Shin Min-sub, an entrepreneur in residence at Chain Partners. “We hope over 2 million coin investors can use cryptocurrency in real life to view the new potential of cryptocurrency and blockchain.”

In November, Korea surpassed US as the largest Ethereum trading market, accounting for over 30 percent of the global market share. 

Chain Partners was established last year by Pyo Chul-min, who previously founded software development firm Wizard Works. It received a seed round of 2 billion won (US$1.88 million) from DSC Investment, DS Asset and Capstone Partners.

By Ahn Sung-mi (sahn@heraldcorp.com)