Data platform corporations COOCON said on the 7th that it completed a proof of concept (PoC) for building a stablecoin issuance and payment ecosystem with iM Bank (iM Financial Group) and Vitoz.
The PoC was pursued to verify the effectiveness of stablecoin-based services. COOCON served as a bridge in this PoC, linking iM Bank's financial infrastructure and Vitoz's Blockchain and virtual asset payment technology into a single system. Through this, all processes were integrated, from a user's payment request and merchant information inquiry to Blockchain-based payment processing and result notification.
Leveraging the characteristics of the Blockchain, all payment records were transparently logged, and a process was implemented that enables immediate settlement for merchants. COOCON projected that it would help revitalize local commercial districts by cutting payment fees, speeding up capital turnover, and promoting local capital circulation. Based on the results of this PoC, the company plans to continue reviewing the commercialization potential of stablecoin-based payment and settlement services.
COOCON CEO Kim Jong-hyun said, "Through this PoC, we confirmed the possibility that existing financial infrastructure and a Blockchain payment system can be connected into a single payment flow," adding, "COOCON will continue its role as a reliable technology partner in the virtual asset ecosystem."