Kaia DLT Foundation Announces Partnership with DaWinKS
Kaia DLT Foundation announced on Wednesday its collaboration with blockchain fintech company DaWinKS to set up “Digital ATMs” (DTMs) at major tourist attractions in South Korea, supporting the USDT stablecoin on the Kaia blockchain, thereby providing foreign travelers with a channel to convert cryptocurrency into fiat currency.
According to the statement from Kaia DLT Foundation, this partnership enables the exchange of USDT to fiat currency. Foreign tourists can use their native USDT deposits on the Kaia network to withdraw cash or apply for prepaid transportation cards through DaWinKS’s digital ATMs, which support 85 fiat currencies. Both parties are also working to integrate Kaia’s native token, KAIA, into the ATM system.
The DTM utilizes a KYC (Know Your Customer) mechanism that combines passport and facial recognition, similar to the immigration systems at South Korean airports. After completing KYC and scanning barcodes and QR codes, users can withdraw their digital assets as cash or apply for prepaid cards. If users still have remaining cash upon departure, they can exchange it for US dollars, with the exchange rate for converting digital assets to fiat currency based on daily market rates.
Kaia DLT Foundation stated that the digital ATMs supporting Kaia USDT have been officially launched in several locations, including N Seoul Tower, Homeplus Gonghang store and CentumCity store, Lotte Mart Gwangbok store, LIFEWORK Myeongdong flagship store, Myeongdong Money Club, and Namdaemun Exchange Café. This service is expected to expand to more Lotte Mart locations in the future.
Currently, the service is only available to foreigners, with plans to open it to domestic consumers later this year.
Kaia is the successor to the public blockchains Klaytn, owned by South Korean messaging company Kakao, and Finschia, owned by LINE. The two completed a mainnet merger last year and have launched the Kaia mainnet. USDT is currently the largest stablecoin globally, issued by Tether.
In May of this year, Tether announced that USDT has been natively deployed on the Kaia blockchain and stated that LINE’s blockchain subsidiary LINE NEXT would collaborate with Kaia to provide dollar stablecoin products to Asian users through the integration of native USDT with applications on the LINE platform.