MoonPay launches Korean subsidiary, intends to use it as Asia-Pacific expansion hub

Crypto payments company MoonPay has launched its South Korean subsidiary MoonPay Korea and plans to use South Korea as a hub for its Asia-Pacific business expansion. MoonPay has established cooperation with KakaoBank, Woori Bank and KB Financial Group, and related plans cover cross-border payments, Korean won stablecoin distribution, wallets, and crypto asset deposits and withdrawals. MoonPay has previously signed a memorandum of understanding with Woori Bank and plans to support the global distribution, cross-border settlement, wallet access and currency exchange infrastructure of South Korea’s won stablecoin. This business expansion in South Korea will also seek the required local licenses and plans to further integrate related services into South Korea's local financial system. (The Block)