SEOUL MoonPay launched its Korean subsidiary, MoonPay Korea, on Sept. 29, establishing South Korea as a base for Asian expansion.
The new unit will provide services in Korea, including overseas remittances, payments and settlement. It will also facilitate the global distribution of digital assets, using MoonPay's existing infrastructure.
MoonPay's global operations have processed over $45 billion in transactions. The platform serves more than 32 million verified users and has over 1,500 onboarding and transaction partners in the past 12 months.
The domestic business model will build the "last mile" by consolidating global infrastructure with financial services. It will localize customer verification, disbursement, settlement and customer protection in collaboration with Korean financial institutions and platforms.
MoonPay Korea will support won deposits and withdrawals alongside domestic payment methods. The company said it will expand services after meeting requirements, including virtual asset business filings, licenses and registrations.
MoonPay is pursuing partnerships with several Korean financial entities, including Finger, Woori Bank, KB Financial Group and KakaoBank. These collaborations will link global financial infrastructure to domestic systems, distribute a won stablecoin and facilitate cross-border remittances, payments and digital asset financial services.
Lee Bugun, MoonPay co-founder and head of Asia, said South Korea's market is critical. "Korea ranks second worldwide in on-chain transaction volume and is a market where finance and digital services have advanced rapidly," Bugun said. He said consolidating MoonPay's global infrastructure with domestic partners will enable these services and support Asian expansion.
The company has no plans to issue its own stablecoin. Instead, its strategy centers on integrating its existing payment and stablecoin rails with local partners to enable compliant and localized services.
