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With new partnership announcements coming in daily in the cryptocurrency market, the latest news comes from Solana (SOL).
Accordingly, Shinhan Card, one of South Korea’s largest credit card companies, and the Solana Foundation have signed an agreement regarding stablecoins and Web3 payments.
According to local news agency JoongAng Economy News, Shinhan Card announced it has signed a partnership agreement with the Solana Foundation to establish stablecoin payment systems on the Solana blockchain.
As part of the partnership, Shinhan Card is conducting an advanced proof-of-concept (PoC) study this year on Solana’s test network, focusing on simulating real-world payment scenarios between customers and merchants.
The PoC’s primary focus is stated to be verifying the security and stability of the decussed wallets, which will enable Shinhan Card to scale the technology on a larger scale later on.
Shinhan Card Vice President Kim Young-il said, “Using Solana, we plan to closely examine the practical applicability of blockchain technology and proactively explore next-generation financial models.”
Shinhan Card also states that it aims to build its own DeFi service environment using oracle technology to securely connect real-world transaction data to the blockchain network.
*This is not investment advice.