Tom N Toms, one of the top coffee brands in South Korea, announced that they have signed a memorandum of understanding (MOU) with Danal Fintech on Tuesday, December 14, 2021, and agrees to provide customers with a comprehensive blockchain-based virtual asset payment experience.
The MoU signing ceremony was performed at Danal Fintech headquarters between Tom N Toms’ CEO, Kim Do-kyun and Danal Fintech’s CEO, Hwang Yong-taek with the aim to collaborate on building a virtual asset-based payment environment for Tom N Toms’ customers.
The contents of the agreement are cooperation in revitalizing blockchain-based technologies such as providing a blockchain-based customer-oriented payment environment, promoting joint marketing as well as creating and developing a virtual asset ecosystem.
Danal Fintech currently operates Paycoin (PCI), the fastest-growing blockchain-based payment system in South Korea which is supported by major franchises in Korea such as Burger King, Domino’s Pizza, KFC, and CGV as well as domestic convenience stores.
Tom N Toms is a first coffee franchise in Korea that combines blockchain by using TomTom Coin (TOMS) and is expected come closer to popularizing virtual asset payments through cooperation between the two companies.
Through this MOU, the two companies plan to realize a discussed plan for establishing a virtual asset ecosystem and revitalizing blockchain together. Starting with implementing token payment system at Tom N Toms’ offline stores, the two companies said they will further consider integrating online and offline ecosystems of virtual assets through continuous technology alliances and legal reviews.
Meanwhile, in May this year, Tom N Toms introduced TomTom Coin (TOMS) virtual asset in its MyTOM payment application and it is currently used as a payment method at about 400 Tom N Toms’ stores. In the future, the popular coffee brand plans to offer this payment system to Toms Life platform by expanding the offline ecosystem of Tom N Toms global stores in nine countries. They also aim to utilize this payment system with their new brands such as Lounge TomTom and Wine TomTom and the art and culture project called GalleryTom. Introducing this payment system to other online ecosystems such as metaverse is also in their pipeline, such as in the form of P2E (Play to Earn) environment that uses NFT (Non-Fungible Token).
Tom N Toms blockchain initiative is expected to gain greater momentum through this agreement with Danal Fintech. An official from Tom N Toms said, “Through this MOU, we expect to provide practical experience to customers in the blockchain market, which is becoming more common, and we plan to maximize consumer convenience by establishing various ecosystems through the introduction of TomTom Coin (TOMS) and agreement with Danal Fintech.”