Integrated payment service provider Danal will make an equity investment in Huobi Korea, a cryptocurrency exchange.

Huobi Korea said Monday that it had signed an equity investment contract with Danal, a Kosdaq-listed company, for their strategic relationship alongside a memorandum of understanding (MOU) for blockchain-based business cooperation.

With the establishment of its cooperative ties with Danal, Huobi Korea plans to develop and nurture services aimed at popularizing its blockchain projects. To begin with, Huobi Korea will develop a service through which crypto investors can transact safely in Huobi Korea via Danal’s “Know Your Customer (KYC)” mobile authentication solution and integrated payment platform.

Oh Sei-gyeong, head of the media marketing office in Huobi, said, “We will strive to provide services in 150 countries and secure 20 million users this year to help combine our business with other blockchain projects.”

Huobi Korea, an affiliate in Korea of Huobi Group headquartered in Singapore, was established March 30 last year. According to CoinMarketCap, Huobi Global is currently on the fifth position of the list of the largest crypto exchanges with its trading volume reaching $374.38 million during the last 24 hours (as of 10:20 a.m. Monday).

Danal is also seeking to expand its blockchain-based projects through the investment in Huoibi Korea and MOU. The company plans to apply blockchain technology to a variety of payment services including self-certification, overseas remittance and QR code payments.

Danal boasts a market cap of 200 billion won and was listed on the Kosdaq market in 2004. In the first three quarters of last year, Danal chalked up sales of 157.6 billion won. Danal Chairman Park Sung-chan has a 20.24% stake in the company. /shim@decenter.kr

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