Based on "trustworthiness", KUN redefines "industry Web3 payment"

Original source: Kun KUN

On April 6, at the 4-day "2024 Hong Kong Web3 Carnival" event, Web3 payment, stablecoin, RWA, virtual asset ETF, etc., together constituted the important topics of the main topic of "The Road to Building Hong Kong's Digital Economy Center" at the main venue of the first day of the opening ceremony.

As a guest speaker, Yu Chen, chief consultant of Kun KUN, a trusted industry Web3 payment service provider, believes that if Web3 wants to be adopted on a large scale, it must solve the real pain points in the real economy scenario, and industry Web3 payment will be the "singularity" of the Web3 scenario outbreak.

KUN first focuses on five major industries, including cross-border e-commerce, overseas digital entertainment, service trade, service trade (advertising logistics, etc.), Web3.0 projects, small currency acquiring and OTC institutions. In response to the payment needs of corporate customers, it has built five core products such as KUN Space and KUN Card and an intelligent risk control framework to provide corporate customers with efficient, compliant and secure digital currency-legal currency payment transaction solutions in one stop.

Yu Chen said that Web3 technology will effectively solve the two problems that are difficult to balance in the traditional payment field-security and convenience.

Five major industry solutions to crack the "common denominator" of Web3 payment needs

In the second half of last year, the "2023 Cryptocurrency Payment Industry Research Report" released by Singapore venture capital and research institution Bing Ventures showed that in the next three years, the global cryptocurrency payment market size supported by Web technology will reach hundreds of billions of US dollars.

Yu Chen, chief consultant of Kun, predicts that Web3 technology will find huge market opportunities and development space in the field of real economy. He cited an example that under normal circumstances, if the cross-border settlement of international trade is carried out through the Swift system that has existed for more than 50 years, "it must go through at least four intermediary banks, and it cannot provide 7x24-hour service, which is very inefficient."

 

In addition to the slow bank process, difficulties in opening overseas accounts, long remittance cycles, high interbank fees, and large exchange rate fluctuations are all hindering the flow efficiency of cross-border commercial funds.

From the existing market difficulties, Kun KUN took the lead in building a one-stop Web3 payment solution for five major industries, including cross-border e-commerce, overseas digital entertainment, service trade, service trade (advertising logistics, etc.), Web3.0 projects, small currency acquiring and OTC institutions.

By exploring the "common denominator" of needs and scenarios, KUN has developed five core products under the premise of compliance to output Web3 payment network capabilities that are suitable for the world. These products include:

· l KUN Space™: The world's first enterprise-level Web3 payment platform

· l KUN Card™: An enterprise digital currency virtual card for multiple scenarios, supporting digital currency recharge and instant application

· l KUN Exchange™: A global trading system with intelligent routing as the core, supporting the opening of local payment accounts around the world, and realizing a digital currency-legal currency compliant transaction channel in all time zones

· l KUN Pay™: An industry-based digital currency payment product, supporting digital currency acquisition/collection, global commission settlement/salary payment, scheduled and targeted payment, and enterprise-level reconciliation

· l KUN Stablecoin™: Financial-grade stablecoin operating system, achieving real-time exchange of fiat currency and digital currency through stablecoin medium

Since the launch of the KUN brand in November last year, it has processed tens of millions of dollars of transactions for related companies in half a year, and its services cover regions including Africa, Southeast Asia and Latin America.

A company that does export trade to Latin American countries is using products such as KUN Space™ to complete real-time settlement of payments. The person in charge of the company introduced that if cross-border remittances are made through traditional methods, the arrival time cannot be guaranteed, "which greatly affects the utilization rate of funds, plus the loss of handling fees and the fluctuation of the exchange rate of local fiat currency against the US dollar, our payment will shrink." Now, they choose to try to use Web3 payment services such as KUN to solve the problem.

KUN Card is a digital currency virtual card for enterprises with multiple scenarios, which can easily meet the needs of emerging cross-border consumption scenarios. Users only need to recharge digital currency into the asset card they apply for, and they can consume in mainstream online and offline scenarios without feeling, just like daily credit cards and bank cards.

KUN CEO Liu Jialiang introduced that many Web3 companies in their customer base have used the KUN product portfolio to realize salary settlement. "Because many Web3 companies are international teams, many employees are distributed in different countries around the world, how to pay wages is a problem, and this demand can be solved by Web3."

Smart risk control "mine clearance" to build a trusted "safe" for Web3 payment

For cross-border and overseas companies, using Web3 payment tools also requires facing two other realities: compliance requirements and fund security.

"For Web3 payment service providers, this requires us to solve the trust problem." Yu Chen, chief consultant of Kun, pointed out that whether it is Web2 or Web3, when it comes to the purely financial link of payment, it is necessary to first consider the compliance requirements of supervision. "This is the premise of trust, and Web3 payments involving emerging virtual currencies must consider compliance requirements such as anti-money laundering. This is a rigid demand of customers and a problem that must be solved for enterprise-level adoption."

2Square, which provides overseas small currency acquiring services for foreign trade companies, encountered a contradiction between customer needs and ensuring compliance and security.

Gary, the company's co-founder, introduced that in the past two or three years, their customers have increasingly used virtual currencies such as USDT as payment media. "If we collect them, it is difficult to identify whether these USDTs are clean, and the risk is very high." For this reason, 2Square has invested a lot of resources to solve this problem. Now they can choose products such as KUN Pay to safely complete digital currency collection/acquisition business.

In terms of technical compliance, KUN has built a financial-level security framework, KUN Safety, when building the underlying product. Liu Jialiang introduced that within this framework, KUN has achieved all-round security protection for customer access, anti-adjustment mechanism, transaction data analysis, and full-process AML (Anti-Money Laundering).

In addition, the KUN core team has developed a KYT digital currency security system (KYT: Know Your Transaction) based on its decades of experience in the cross-border payment field and blockchain industry. It uses multiple models of industry-level KYT, transaction rules, risk rules, and data rules to analyze data in real time, shortening the time spent on risk decision-making to milliseconds, and the account fund security identification coverage rate has reached more than 99.99%, and the account risk identification coverage rate has exceeded 99%.

Scenario-based, trustworthy, and convenient, KUN, which has devoted itself to the Web3 infrastructure ecosystem, has redefined "industry Web3 payments" with these three keywords. When Web3 payments connect technology and demand, the market space is expanding at an unprecedented speed. Infrastructure like KUN, which is based on solving real pain points, will also allow Web3 technology to effectively serve the real economy.