On April 6th, during the 4-day "2024 Hong Kong Web3 Carnival," topics such as Web3 payments and stablecoins, RWA, virtual asset ETFs, etc., collectively formed the important theme of the opening day's main venue "The Road to Building the Hong Kong Digital Economy Center" at the "2024 Hong Kong Web3 Carnival."
As a speaker, Yu Chen, the chief advisor of Kun KUN, a trusted industry Web3 payment service provider, believes that for Web3 to be widely adopted, it must address real pain points in the physical economy, and industry Web3 payments will be the "singularity" for the explosive development of Web3 scenarios.
Kun KUN focuses on five major industries including cross-border e-commerce, overseas digital entertainment, service trade, Web3.0 projects, and small currency acquisition and OTC institutions. They have built KUN Space, KUN Card, and other core products and an intelligent risk control framework to provide efficient, compliant, and secure digital currency-to-fiat payment solutions for enterprise clients.
Yu Chen stated that Web3 technology will effectively address the two issues of security and convenience in the traditional payment field.
Solutions for Five Major Industries
Cracking the "Common Denominator" of Web3 Payment Demands
In the second half of last year, the "2023 Cryptocurrency Payment Industry Research Report" released by Bing Ventures, a Singaporean venture capital and research institution, showed that in the next 3 years, the global cryptocurrency payment market, empowered by Web technology, will reach a scale of several billion US dollars.
Yu Chen, the chief advisor of Kun KUN, predicts that Web3 technology will find huge market opportunities and development space in the physical economy. He cited an example that in the case of international trade cross-border settlements, if conducted through the existing Swift system that has been in existence for over 50 years, "it would have to go through at least four intermediary banks, and it cannot provide 24/7 service, so the efficiency is very low."
In addition to slow bank processes, difficulties in opening overseas accounts, long remittance periods, high interbank fees, and large exchange rate fluctuations are all hindering the efficiency of cross-border commercial fund flows.
From the existing market dilemmas, Kun KUN has developed a one-stop Web3 payment solution for five major industries including cross-border e-commerce, overseas digital entertainment, service trade, Web3.0 projects, and small currency acquisition and OTC institutions, by mining the "common denominator" of demand and scenarios within the compliance framework. Kun KUN has developed five core products, including:
- KUN Space™: The world's first enterprise-level Web3 payment platform
- KUN Card™: A multi-scenario enterprise digital currency virtual card that supports digital currency recharge, available for instant application and receipt
- KUN Exchange™: A global trading system with intelligent routing at its core, supporting the opening of local payment accounts worldwide, and realizing a 24/7 digital currency-to-fiat compliant trading channel across all time zones
- KUN Pay™: A digital currency payment product based on industry, supporting digital currency acquisition/payment, global commission settlement/payroll distribution, scheduled targeted payments, and enterprise-level reconciliation
- KUN Stablecoin™: A financial-grade stablecoin operation system that achieves real-time fiat-to-digital currency exchange through stablecoin intermediaries
Since the release of the Kun KUN brand in November last year, they have processed transactions worth tens of millions of US dollars for related enterprises in just six months, with services covering regions including Africa, Southeast Asia, and Latin America.
A company engaged in export trade to Latin American countries is using products like KUN Space™ to achieve real-time settlement of payments. The company's representative explained that if they were to use traditional methods for cross-border remittances, the arrival time of funds cannot be guaranteed, "which greatly affects the utilization of funds. Coupled with the loss of fees, and the fluctuation of the local currency against the US dollar, our payment will shrink." Now, they have chosen to try using Web3 payment services like Kun KUN to solve these problems.
KUN Card is a multi-scenario enterprise digital currency virtual card that can easily meet the needs of emerging cross-border consumption scenarios. Users only need to recharge digital currency into the asset card they have applied for, and they can then make seamless transactions in mainstream online and offline scenarios, similar to using credit cards or bank cards for daily transactions.
Liu Jialiang, CEO of Kun KUN, introduced that many Web3 companies in their client base are already using a combination of KUN products for payroll settlement, "because many Web3 companies have international teams, and many employees are distributed in different countries around the world, so how to pay salaries is a problem that can be solved in a Web3 way."
Intelligent Risk Control Constructs a Trusted "Safe" for Web3 Payments
For cross-border and overseas enterprises, using Web3 payment tools also requires them to face two other realities: compliance requirements and fund security.
"For Web3 payment service providers, this requires us to solve the issue of trust," pointed out Yu Chen, the chief advisor of Kun KUN. Regardless of whether it is Web2 or Web3, when it comes to the purely financial aspect of payment, regulatory compliance requirements must be considered first, "this is the premise of trust, and when it comes to Web3 payments involving emerging virtual currencies, anti-money laundering and other compliance requirements must be considered. This is the customer's rigid demand and a problem that must be solved for enterprise-level adoption."
2Square, which provides overseas small currency acquisition services for foreign trade enterprises, has encountered a contradiction between customer demand and ensuring compliance and security.
Gary, co-founder of the company, explained that in the past two to three years, more and more of their clients have been using virtual currencies such as USDT as a payment medium, "it is very difficult for us to identify whether these USDTs are clean, and the risk is very high." To address this, 2Square has invested a lot of resources to solve this problem, and now they can choose products like KUN Pay to safely complete digital currency acquisition/payment business.
At the technical compliance level, Kun KUN has embedded a financial-grade security framework—KUN Safety Payment Security Guard—when building the underlying products. Liu Jialiang explained that within this framework, Kun KUN has achieved comprehensive security protection for customer onboarding, anti-fraud mechanisms, transaction data analysis, and full-process AML (Anti-Money Laundering) security.
In addition, the core team of Kun KUN, combined with their decades of experience in the cross-border payment field and the blockchain industry, has independently developed the KYT digital currency security system (KYT: Know Your Transaction), using industry-level KYT, transaction rules, risk rules, and data rules to analyze data in real-time. This has shortened the time for risk decision-making to the millisecond level, and the account fund security identification coverage rate has reached over 99.99%, with an account risk identification coverage rate of over 99%.
With scenarios, trust, and convenience, Kun KUN, which has dedicated itself to the Web3 infrastructure ecosystem, has redefined "industry Web3 payments" with these three keywords. As Web3 payments link technology and demand, the market space is expanding at an unprecedented speed, and just like Kun KUN, effectively addressing real pain points in infrastructure will also enable Web3 technology to effectively serve the physical economy.
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