Korea Prepaid Card has made a major investment in Singapore-based Bezant, becoming the blockchain developer’s second largest shareholder. The news comes from an announcement on Bezant’s website.
The terms of the deal were not disclosed and the exact split is being kept confidential by agreement between the two companies, according to the the release.
Since April 2019, Bezant has been offering Blockchain-as-a-Service (BaaS) using Hyperledger Fabric technology. It also has a coin of its own, the BZNT, ranked about number 320 in terms of capitalization at about $8 million. In 2018, Bezant achieved the fastest-growing ICO in Asia, selling out available tokens in less than an hour.
The company has signed a number of partnerships. It is working with Hanjudo, a South Korean fintech, Thailand’s Nova Learning, Chequer, a South Korean database management company, and Transwiz, a Thai peer-to-peer lender. In June, Bezant announce that it would be joining Binance, and its token started trading on Binance DEX on July 7.
Korea Prepaid Card is an end-to-end solution provider for pre-paid cards and other related services, such as vouchers, virtual cards, pin-code cards and barcode-based coupons. It handles publishing, distribution, payment and settlement and has been developing technology to link the various participants in the pre-paid value chain in real time.
Bezant’s announcement says that the prepaid card market in Korea is valued at $10 billion.
Bezant already has a strong South Korea connection. Its chief cryptocurrency officer is Daesik Kim, is also co-founder of Bithumb, a South Korean exchange ranked 23rd in the world. The lead engineer for the company is Jeyce Jung, who was previously a lead software developer at KakaoPay specializing in fraud detection.
Much of South Korea’s crypto-related activity is centered in Singapore, as authorities in the home market do not allow ICOs, and the banking system is restricted in dealing with exchanges.
Image via Shutterstock.
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Author: Richard Meyer