Critical Move from Avalanche! A New Partnership Signed in a Country Expected to Lift the Bitcoin ETF Ban!

As partnership news continues to come in the Crypto currency market, the latest news is about the altcoin Avalanche (AVAX) that Turks are closely following.

Accordingly, the South Korean fintech currency platform Travel Wallet has signed a cooperation agreement with Avalanche.

According to local news agency Naver, Travel Wallet signed a memorandum of understanding (MOU) with the layer-1 blockchain platform Avalanche to develop a Korean won-based stablecoin.

Travel Wallet plans to issue a stablecoin pegged 1:1 to the Korean won as part of the partnership and to use smart contracts to design a programmable stablecoin.

As part of the collaboration, Travel Wallet and Avalanche plan to establish a next-generation financial payment infrastructure centered around stablecoins, applicable in all areas for both consumers and businesses. This infrastructure can be used in areas such as integrated online and offline payments both domestically and internationally, B2B settlements for corporate clients, and financial automation solutions.

Travel Wallet CEO Kim Hyung-woo said the following:

"This project is an attempt to redesign how finance works with technology beyond digital payments. It has great potential to expand towards a global payment infrastructure and domestically in the future.

We will build a stablecoin ecosystem that can be used both domestically and internationally, based on technological reliability and regulatory compliance.

As is known, the new president of South Korea, Lee Jae-myung, had promised during his election campaign that spot ETFs based on crypto assets like Bitcoin would be allowed for issuance, trading on the exchange, and commerce.

At this point, South Korean authorities will work to fulfill the cryptocurrency promises of newly elected President Lee Jae-myung. The Financial Services Commission (FSC) aims to prepare a plan for the introduction of spot ETFs in the second half of the year and to complete the relevant regulatory system for stablecoins during the same period.

*This is not investment advice.

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