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Kaia DLT Foundation announced that DaWinKS, a blockchain-centric fintech, now supports Kaia-issued USDT on its Digital ATMs (DTM) installed across major travel spots in South Korea. This development is expected to be a massive milestone for streamlining crypto-to-fiat on- and off-ramps for travelers and regional fans.
Kaia’s Native USDT onboards DaWinKS's digital ATMs, opens on-ramp for foreigners
According to the official statement by Kaia Foundation DLT, a Kaia-based version of the U.S. Dollar Tether (USDT), the largest stablecoin, is now supported by DaWinKS, a major operator of crypto-friendly ATMs.
Travelers and K-culture enthusiasts visiting South Korea can withdraw cash or issue a prepaid transit card in 85 legal currencies from 15 countries using their Kaia USDT deposit.
Dr. Sam Seo, Chairman of Kaia DLT Foundation, stresses the importance of the collaboration for both the global remittance ecosystem and for foreign tourists:
The collaboration with DaWinKS marks a significant milestone in expanding the real-world use cases of Kaia network’s native USDT and local stablecoins that will be launched on Kaia. We expect the demand for cross-border exchanges, deposits, and withdrawals to grow as consumer perception improves, and we will work together to expand DTM services both domestically and internationally.
DTMs feature KYC methods based on DaWinKS's passport- and face-scanning authentication solutions used at airport immigration in Korea. After completing KYC and scanning barcodes and QR codes, users can withdraw digital assets or issue a prepaid card in 85 legal currencies from 15 countries.
Any remaining cash can also be exchanged for USD upon departure from the country. Digital assets are converted into real currency based on the daily exchange rate.
KAIA tokens will also go live in DaWinKS's ATMs
DaWinKS CEO Jong-myeong Lee is excited about the opportunities the new collaboration unlocks for individuals visiting Korea:
DaWinKS is expanding the usability of stablecoins based on its experience in various fintech services, from currency exchange to cryptocurrency ATMs and QR payments. The collaboration with Kaia, which partners with major Web3 and fintech companies such as Tether and LINE NEXT to expand the practical usability of stablecoins across Asia, will be of great help in DTM’s global expansion.
Kaia USDT-enabled DTMs are available at seven key locations across South Korea: NSeoul Tower, Homeplus (Hapjeong and CentumCity), Lotte Mart (Gwangbok), LIFEWORK Mega Store Myeongdong, Myeongdong Money Club and NamDaeMun Exchange Café. The service is also expanding to major Lotte Mart branches nationwide.
Though the service is currently available only to foreigners, domestic consumers will also be able to access it later this year.
DTMs have been supporting three types of digital assets — Bitcoin (BTC), Ethereum (ETH) and, most recently, U.S. Dollar Tether (USDT) — since the end of last year. Beyond supporting the native Kaia USDT, the two companies are also working on adding KAIA, a key cryptocurrency of Kaia blockchain, to the DTM’s service boundaries.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team