OpenAsset, a corporations specializing in virtual asset finance, said on the 5th that it signed a memorandum of understanding (MOU) with Crypto.com, a global virtual asset platform, to explore potential cooperation on coin-based payment infrastructure.
The purpose of the agreement is to examine the possibility of linking Crypto.com Pay with domestic payment infrastructure and to review in advance the necessary technical and operational requirements, in preparation for when domestic laws, systems, and market conditions for virtual asset payments are in place.
Within the scope permitted by future related regulations, the two sides plan to review ways to consolidation Crypto.com Pay users' virtual asset payment methods with the payment environment of domestic merchants. The structure under review would allow domestic merchants to receive settlement in won without directly holding digital assets.
However, this MOU does not confirm a domestic service launch or commercialization. Specific service structure and timeline will be decided after comprehensively considering relevant laws, guidance from financial supervisory authorities, required filing and registration conditions, and discussions with partners.
If the cooperation structure is fleshed out, OpenAsset will consider the role of an infrastructure provider that supports domestic electronic financial companies—such as simple payment companies and payment gateways (PG)—in consolidation virtual asset payment methods. Rather than directly recruiting merchants, the direction is to prepare a technology foundation that can be consolidation with the payment environments of existing electronic financial businesses.
Crypto.com is a global virtual asset platform with more than 100 million users worldwide. It offers a variety of virtual asset services, including transaction, wallet, and payments. OpenAsset is preparing a Virtual Asset Service Provider (VASP) license.