The tentacles of the TRON ecosystem continue to extend their reach across the globe. The latest endeavor has seen TRON join forces with MeconCash, making TRX and JST exchangeable for Korean Won at cash points across the country.
More than 13,000 ATMs will support the crypto-fiat swaps as TRON seeks to seal its status as versatile digital cash for the people.
TRON Arrives at South Korean ATMs
TRON and its native TRX currency have broad support across Asia, where Justin Sun can be found actively extolling the virtues of the blockchain ecosystem he founded and its forthcoming upgrade.
TRON 4.0 will bring privacy features, greater scalability, and customizable sidechains for enterprises. In the here and now, though, TRONS users are still primarily consumers who utilize TRX to interact with dApps on the network, trade on exchanges, and purchase goods and services.
According to TRON’s official channel, TRON’s can now be withdrawn from thousands of ATMs in South Korea. Citizens of the tech-savvy and crypto-crazy nation now can swap TRX and JST for the local Won as and when they need to.
“TRON is excited to start working together with MeconCash,” enthused Justin Sun. “The rise of crypto payment systems is already here, and our mission is to help regular people to access this convenient and simple payment method in their everyday life.”
JST is the governance token of the crypto collateralized lending system that’s being built on TRON. It performs several roles, including paying interest, platform maintenance, and participating in governance through voting, making it part of a $2.6B vertical based around on-chain governance.
The token, which was issued via an IEO on Poloniex in May, is being airdropped to TRX holders over the next two years. As a result, TRX holders are likely to own JST too, making the integration of the pair into 13,000 ATMs a boon for South Korean token-holders.
At present, cryptocurrency users who require cash in a hurry are limited to using crypto debit cards such as Wirex and MCO (by Crypto.com).
These enable cryptocurrency to be exchanged for fiat within the corresponding mobile app, and the balance then withdrawn from an ATM. The process incurs multiple steps, and users are prone to be penalized through conversion and sometimes withdrawal fees, which makes crypto cards unsuited to small and frequent cash withdrawals.
Thanks to TRON’s integration with MeconCash, tourists, and locals in South Korea will be spared from convoluted cash-out procedures when they need to convert their crypto into fiat. MeconCash is a cryptocurrency platform that’s used for payments, rewards, and digital transactions. It enjoys deep integration into ATMs, gaming applications, mobile services, and e-commerce within the country. It’s also used for payments at several leading cosmetic clinics within the country. TRX holders can now plug into this ecosystem, making their digital assets spendable at businesses up and down the country.