Blucon, which has been endeavoring to build a payment system based on cryptocurrencies and blockchain, has attended Global Fintech Innovation Summit (GFIS) held in Hainan. Blucon CEO Sabrina Kim delivered a speech under the theme “Blockchain Applications in the Korean Payment Market” as a guest speaker.

Korea is one of the countries where credit cards are used most frequently. Koreans are using 3.6 cards on average per capita and 20% of them are using smart cards. Credit card affiliates number 2.67 million.

Blucon says many projects have striven to exploit cryptocurrencies in real life but such efforts have stopped at accounting for 1% of the present economy. Existing various cryptocurrency payment projects have been based on debit cards or have opted to increase the number of affiliates. However, in the current ecological system, it would take long before these strategies take effect because massive marketing costs and active partnerships are necessary.

So Blucon opted for the Blucon Card method. The company has a plan to provide the established financial system with settlement and payment means by exploiting the Blucon Card, a compatible card including the settlement of cryptocurrencies. And based on this, it is preparing to ally with cryptocurrency exchanges and other tokens. Blucon’s tokens are supposed to play a central role in various tokens.

Blucon says the Blucon Card will be able to offer such functions as compatible transportation cards, integrated cryptocurrency cards and rechargeable prepaid cards (debit cards) through Card OS (COS). Thanks to the embedded COS, the Blucon Card is designed to use various kinds of cryptocurrencies, mileage and points in addition to the global integrated financial network involving Visa and Master, according to Blucon. At present, it can be used in connection with a transportation card company that is available across the country.

Blucon has received a GFIS award from Rogers Holdings chairman Jim Rogers in the latest summit.

Hainan is one of the emerging blockchain hubs in China. China designated Hainan as the pilot free trade zone last year and included the blockchain industry among its major agendas. This year’s GFIS was organized under the initiative of the Hainan municipal government. Such famed organizations as DSF, PwC, Colony Capital, Spice Venture Capital, GCC and IRONX took part in the summit. /shim@decenter.kr

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