Upbit Looks Beyond Crypto Trading With Visa Partnership for Global Payments, Remittances

Dunamu, operator of cryptocurrency exchange Upbit, is exploring overseas payment and remittance services with global payments company Visa. The move is part of a strategy to expand beyond digital asset trading into areas where digital assets can be transferred and used for payments like money.

Upbit said on Aug. 28 that it entered into a strategic partnership with Visa to develop next-generation financial and payment services using stablecoins and artificial intelligence (AI). The companies unveiled their cooperation plans in San Francisco on Aug. 26. Attendees included Dunamu CEO Oh Kyung-seok and Visa Group President Oliver Jenkyn.

The partnership is designed to connect Upbit’s digital asset technology with Visa’s global payment network. Dunamu would provide technologies for creating, storing and transferring digital assets, while Visa would connect them to its worldwide payment and remittance network.

A key focus of the partnership is stablecoins. Unlike conventional cryptocurrencies such as Bitcoin, whose prices can fluctuate significantly, stablecoins are digital assets designed to track the value of real-world currencies such as the U.S. dollar. A dollar-backed stablecoin is designed to maintain a value of $1 per token. Their stable value makes them more suitable for payments and remittances than for investment.