Bitcoin Retail Payments Become Reality Thanks to Chainlink Integration with Danal Fintech
Without any doubt, Chainlink is the biggest DeFi (decentralized finance) project to have ever hit the crypto market, with a cap at $14.10 billion. Given the strong trading fundamentals that Chainlink has put forth in the crypto market, the adoption of cryptocurrencies and decentralized systems is on the rise.
Due to such impressive rapport of Chainlink in the crypto market and the rising tensions to initiate retail payments for Bitcoin, the Danal Fintech, which is a digital payment provider, has come forth to join forces with Chainlink. The statement progresses that Danal Fintech will be using Chainlink oracles to commercialize the process of Bitcoin retail payments in South Korea. Paycoin’s digital currency will be on the leverage here, and oracles will be providing the current market rate of Bitcoin while converting into accessible Paycoins.
Crypto-based Virtual Payment System
Danal Fintech has a sophisticated payment gateway in South Korea, and it has been looking forward to stretching its services and growing in the crypto market ever since. It launched the crypto-based virtual payment system with Paycoin in the April of 2019. The blockchain project states that the commercialization of Bitcoin is already present at Danal Fintech. It requires the oracles from Chainlink, and the system will be able to serve about 60k merchants consecutively.
DeFi Projects Getting the Attention they Deserve
The statement provided by Danal Fintech revealed that Chainlink’s oracles would be used during the processing of each and every transaction as this way, a correct market value of the Bitcoin and Paycoin can be generated. This favors transparency and precision when it comes to developing a global market price. This price is being interpreted in real-time from hundreds of exchanges and thus is accurate in every possible way.
Another community-based incubator for the digital currency named DuckDAO is following in on the footsteps of Danal Fintech and has announced that it will be collaborating with Chainlink too to initiate the development of decentralized finance projects. This emerging trend will help not only the crypto markets to flourish and to be able to serve more and more clientele while bringing ease and transparency onto the table but would also favor the traditional fiat money markets.
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