South Korean trading company STX said Tuesday that it had signed a payments partnership agreement with Triple-A to provide crypto payment services on Trollygo, its business-to-business online trading platform set to be launched in November.
The signing ceremony was attended by STX CEO Park Sang-jun and Triple-A CEO Eric Barbier at the trading company’s office in central Seoul, Monday.
Based in Singapore, Triple-A is Asia’s largest crypto payment gateway and obtained a license from the Financial Crimes Enforcement Network, the Monetary Authority of Singapore, and the French Prudential Supervision and Resolution Authority. It was also selected as a PG company of the crypto exchange giant Binance.
Under the agreement, Triple-A accepts payments in crypto from Trollygo’s users and has payments settled in fiat -- US dollars -- in the bank account the very next day. While reducing the volatility risk of crypto, the payments are made faster and cheaper, the company said.
Through the online PG services, STX is expected to flexibly respond to e-commerce environments. Ahead of its launch, Trollygo is the trading industry’s first B2B platform that shifted offline-based trading of raw materials and industrial goods into an online space.
“Through partnerships with the crypto PG expert Triple-A, we will successfully introduce the digital payments methods into the B2B industry, setting a new standard,” said STX officials.