On the 1st, the fintech foreign exchange platform Travel Wallet announced that it has signed a strategic memorandum of understanding with the global blockchain platform Avalanche to jointly develop a won-based stablecoin and a programmable stablecoin.
Avalanche is a high-performance blockchain platform developed by Emin Gün Sirer, a professor of computer science at Cornell University. He is recognized as the person who developed the digital currency system 'Karma,' designed to facilitate direct transactions among users without a central institution, ahead of Bitcoin, and has been acknowledged for presenting the possibilities of decentralized technology from the beginning. Recently, Avalanche commercialized programmable stablecoins in collaboration with Alipay and Grab under the approval of the Monetary Authority of Singapore.
Travel Wallet plans to issue a stablecoin that is pegged 1:1 to the value of the won and design and implement a programmable stablecoin model integrated with smart contract technology by specifying the technological direction and business model it has been collaborating on with Avalanche. This strategy is aimed at establishing the next-generation digital financial infrastructure that automates various cash flows occurring in traditional finance.
A programmable stablecoin is a digital currency based on smart contracts that automatically operates when predetermined conditions are met, capable of automating payment and fund movement across the financial sector, such as ▲escrow ▲payment disbursement ▲installment payments without human intervention. For example, it can reliably handle logic like 'automatic payment upon receipt of goods' or 'monthly regular payments' on the blockchain.
Going forward, Travel Wallet plans to build a next-generation financial payment infrastructure that can be utilized across consumers and corporations, focusing on ▲online and offline integrated payments domestically and internationally and ▲settlements and financial automation solutions for business customers.
Kim Hyung-woo, the CEO of Travel Wallet, said, 'This project is an attempt to redesign the mechanics of finance with technology beyond digital payments,' adding, 'There is great potential for expansion not only in the domestic market but also into the global payment infrastructure.' He further noted, 'We will build a stablecoin ecosystem that is reliable in technology and regulatory-friendly, acceptable both domestically and internationally.'