Collaboration to focus on real-world cross-border B2B payments, transfers and settlement
BPMG, a blockchain and artificial intelligence company led by CEO Jihoon Cha, announced Tuesday that its U.S. subsidiary, ARACORE, will collaborate with global payment platform VirgoPAY to develop a stablecoin-based global payment service.
The companies plan to integrate ARACORE’s stablecoin transfer and settlement technology with VirgoPAY’s payment network across North America, Europe and other markets. Together, they will develop services for cross-border digital asset payments and corporate transfers and settlement.
With a new foundation for collaboration in Canada, following our work with Kbank in Thailand, the United Arab Emirates and Hong Kong, we will continue expanding our global stablecoin payment network.”
— Jihoon Cha, CEO of BPMG
The proposed service would connect fiat-to-digital asset conversion, transfers, payments and settlement through a single platform. The companies will also explore automating transaction verification and reconciliation. In addition, they plan to conduct a proof of concept (PoC) to assess technical integration and potential applications between South Korea and Canada.
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The partnership is intended to commercialize ARACORE’s stablecoin transfer and settlement technology through an established international payment network. The companies aim to create infrastructure that allows businesses to send and receive cross-border payments using stablecoins without building separate payment systems in each country.
ARACORE is a global financial infrastructure company that helps financial institutions and payment providers introduce stablecoin services. Its blockchain-based payment and settlement infrastructure enables banks, payment companies and money transfer providers to add digital asset services while maintaining their existing systems.
VirgoPAY is a global payment platform serving Canada and markets across North America, Australia, Europe and Africa. It provides corporate customers with stablecoin-based transfer and payment services, as well as on- and off-ramp services connecting fiat currencies and digital assets.
“Through the partnership between ARACORE in the United States and VirgoPAY in Canada, we plan to expand into North America’s stablecoin payment and transfer market,” Cha said. “With a new foundation for collaboration in Canada, following our work with Kbank in Thailand, the United Arab Emirates and Hong Kong, we will continue expanding our global stablecoin payment network.”
Adam Cai, founder and CEO of VirgoPAY parent company Virgo Group, said the partnership would expand VirgoPAY’s global reach and strengthen commercial ties between Canada and South Korea.
“Businesses and individuals in both countries will be able to use stablecoin payments for faster, more cost-effective transactions than conventional methods offer,” Cai said.
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