banner
FIN Foundation: a token to pay for gasoline
FIN Foundation: a token to pay for gasoline
Blockchain

FIN Foundation: a token to pay for gasoline

By Marco Cavicchioli - 29 Apr 2019

Chevron down

The South Korean company FIN Foundation (Fuel Injection Network) is launching a new token for gasoline payments.

The token is called FIN and will be used to make payments at petrol stations. In particular, the token will be used to buy motor fuels with a discount on purchases.

There are many cryptocurrency holders in South Korea and this initiative heavily relies on that and on the discounts offered to persuade many people to use it.

This was revealed by CMO Joon Lee during an interview with Newconomy.

Currently, this new payment method has already been implemented in some service stations in South Korea, but an agreement has also been signed with the Russian oil company Nordgas Trading.

One of the reasons the team launched this initiative is that gasoline in South Korea is very expensive: about 1.7 dollars per litre. Another reason was to create a mobile contactless payment system for petrol stations, given that in South Korea there is no such system specific to motor fuels.

Recently, the FIN Foundation, based in Bulgaria but with South Korean origins, acquired a series of crypto ATMs to allow its users to exchange FIN tokens directly at service stations. The token can thus be purchased at ATMs and transferred to the imToken wallet.

The company also plans to acquire service stations in different regions of Eastern Europe, and to expand into the Russian market, and also in Estonia, Latvia and Lithuania, offering to pay in FIN in a thousand service stations in the region.

The FIN tokens, which for now are ERC-20 tokens based on the Ethereum blockchain, can be purchased directly from the FIN Foundation, but the aim is to list them also on the South Korean Bitsonic exchange and on other trading platforms.

Moreover, in the future, they can also be used to pay for other services and can be based on their own blockchain, leaving that of Ethereum.

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.