Bitdex Partners with Rain to Enable KRW1 Stablecoin for Global Visa Payments

Bitdex, a digital asset infrastructure company, announced on the 15th that it has partnered with global stablecoin payment infrastructure firm Rain to connect its Korean won-backed stablecoin 'KRW1' to the worldwide Visa card network. This aims to transform the Korean won into a digital asset usable for everyday international payments.

The core of this collaboration is enabling Rain Card users to instantly pay with KRW1 at Visa merchant locations. Bitdex will handle the issuance and custody of the regulated, reserve-backed stablecoin 'KRW1', while Rain manages the card-based issuance and global merchant payment and settlement infrastructure. KRW1 maintains 100% reserves in Korean won and undergoes regular independent reserve verification.

Card users can make payments using the same method as traditional Visa cardholders without requiring pre-loading, manual currency conversion, or switching to other stablecoins. Rain processes on-chain settlements with the card network behind the scenes, bridging on-chain transactions seamlessly with off-chain finance to expand KRW1's utility.

This partnership allows Bitdex to broaden its business into global payments. With Rain's card infrastructure integration, Bitdex can now operate in Asia-Pacific, North America, and Europe card programs. Expected use cases include outbound consumption for Korean travelers and students, global settlements for content creators and gaming, and expense management for domestic companies with overseas operations.

However, as foreign exchange reporting and tax handling for stablecoin-based card payments are still under regulatory development, Bitdex plans to gradually expand its collaboration scope with Rain in line with evolving regulations like the Foreign Exchange Transaction Act. Bitdex CEO Ryu Hongyeol stated that this meeting of Korean won infrastructure with Rain's card network will create a turning point for on-chain finance to permeate daily life. Rain CEO Faruk Malik added that all markets are seeking ways to extend their currency's global influence through financial infrastructure, and KRW1 helps the Korean won move freely like other global currencies while Bitdex secures practical utility through Rain's infrastructure.