Delio, a South Korean crypto finance company specializing in DeFi, launched a Bitcoin (BTC) checkout service in a partnership with Galaxia Moneytree, a local digital payment provider. The service opened on the Moneytree platform on April 21.
Bitcoin payments are now available for anyone who has signed up for Delio and Moneytree. Proceeding with the payment, users will have to open a “Bitcoin Payment” tap in their Moneytree app and scan a barcode. The price of Bitcoin applied at the time of the payment is based on the BTC price on Bithumb Exchange. A new service will allow South Korean consumers to use their BTC holdings to pay at thousands of merchants, including some of the biggest local convenience store and cafe chains, such as CU, GS25, 7-Eleven, Hollys Coffee, Ediya Coffee and Droptop.
An official from Delio added:
“Digital payment with the use of virtual assets such as Bitcoin has a potential to significantly reduce the transaction costs, for example, eliminate the card fees. Crypto payment service is a novel concept to the Korean market, but as other digital payment methods have quickly emerged and took a lead in the past, a new payment method that uses Bitcoin and potentially other digital assets will find its niche and solve some inefficiencies that existing payment methods could not tackle.”
Delio is a leading South Korean lending platform that has been recognized as the country’s No. 1 lending platform in a recent report issued by KISA, a Korean government agency specializing in blockchain. Delio offers a variety of lending and interest-saving products on its platform and has recently surpassed $2 billion of BTC in total value utilized for lending and interest accounts combined. Delio currently gives users up to 12% APY on Bitcoin and Ether interest accounts and is widely compared to BlockFi, Celsius and other major lending platforms. Previously, Delio entered into a partnership with Korea’s biggest crypto exchange Bithumb to launch its lending product on the exchange.
Galaxia Moneytree is a subsidiary of Hyosung Corporation and a fintech company that supports electronic payments, online-to-offline business, and provides lifestyle finance services. Moneytree launched its service in February 2017 and, since then, has been one of the leaders in the industry of digital payments, with 3.5 million cumulative downloads and 2 million users.