MoonPay and Dunamu, the company behind South Korean crypto exchange Upbit, have agreed to explore a partnership focused on stablecoin payments, international money transfers, and blockchain services for businesses.
In an announcement on October 21, the companies said they would examine how MoonPay’s global payments network could work with Dunamu’s blockchain technology to support international transactions and corporate financial operations.
The proposed partnership will focus on three main areas: cross-border payments using stablecoins, blockchain infrastructure for corporate finance, and expanding services built on Dunamu’s GIWA blockchain ecosystem into international markets.
The companies have not announced a launch date, financial terms, or which stablecoins could be used. They also have not confirmed any business customers or provided details about transaction settlement, custody, or the countries where the services might become available.
MoonPay and Dunamu plan to assess the technical and commercial requirements before deciding whether to move forward.
MoonPay’s head of Asia-Pacific, Bugeon Lee, said stablecoins need reliable technology and a strong network to support not only international payments but also the everyday financial operations of businesses.
He added that combining Dunamu’s blockchain technology with MoonPay’s international network could help digital asset services reach more markets and support businesses built on GIWA.
Dunamu plans to use MoonPay’s network of financial service providers and business partners to help introduce GIWA-based services and digital assets to customers overseas.
GIWA is an Ethereum Layer 2 blockchain developed by Dunamu using the OP Stack. In May, the company partnered with Optimism to develop the network under the Self-Managed OP Enterprise model. This arrangement allows Dunamu to manage its own sequencer infrastructure while receiving technical support from Optimism.
The latest agreement follows MoonPay’s September 29 announcement that it had established MoonPay Korea as part of its plans to expand stablecoin payments and digital asset services across Asia.
MoonPay has also identified potential partnerships with Woori Bank, KB Financial Group, and KakaoBank involving payments, remittances, and financial infrastructure. The company said it would explore international distribution for won-backed stablecoins if they are issued under South Korea’s developing regulatory framework. It also plans to pursue the necessary licenses and connections with local financial systems.
Dunamu has been exploring similar opportunities with other financial companies. In August, it began discussions with Visa about stablecoin payments, international transfers, and AI-related financial services. However, the companies did not commit to launching a commercial payment service.
In April, Dunamu also signed an agreement with Hana Financial Group and POSCO International to test blockchain-based international payments through GIWA Chain. The project aims to simplify payment messaging and settlement, with corporate trade transactions among its initial uses.
MoonPay and Dunamu will now continue evaluating possible business models involving international payments, corporate treasury operations, and services built on GIWA. No commercial launch has been confirmed.