[Click eStock] "Cocone, a Data API Leader... Accelerating Toward Global Stablecoin Payment Infrastructure"

On December 11, KB Securities analyzed that Cocone is accelerating its leap toward the global stablecoin payment infrastructure market as a leading player in data APIs.

Founded in 2006, Cocone is the largest data brokerage platform company in Korea, collecting and standardizing business data based on dedicated networks, scraping, and open API technology, and providing it to a diverse range of clients such as financial institutions, big tech companies, and public organizations.

For the cumulative third quarter of this year, Cocone recorded sales of 51.4 billion won, a 7.4% decrease compared to the same period last year, but operating profit increased by 11.9% to 13.8 billion won. The operating margin rose to 27%, highlighting a significant improvement in profitability.

Kim Hyungyeom, a researcher at KB Securities, stated, "Cocone is expanding its reach into the stablecoin and global payment markets based on the strong local payment infrastructure it has built, creating a trigger for a revaluation of its corporate value," and added, "Cocone's strategy will become a key trigger for a new corporate value reappraisal."

The recent MOU signed with the Solana Foundation at 'SFF 2025' is also significant, as it indicates that the partnership has advanced beyond a simple collaboration to the PoC (Proof of Concept) stage. Kim emphasized, "The most difficult thing for virtual asset companies to secure is a physical touchpoint," and highlighted, "Cocone possesses an overwhelming offline infrastructure, including 2 million QR payment merchants nationwide, 70,000 franchise locations, and 40,000 ATMs." He explained that if Cocone connects this infrastructure with the Solana blockchain and expands into stablecoin-based online and offline payment and withdrawal services, it could become the most definitive reference point linking virtual assets with the real economy.

Cocone is also expanding partnerships not only with existing legacy payment companies such as UnionPay, WeChat Pay, and Naver Pay, but also with cross-border payment networks like Bank Indonesia and Singapore's Liquid Group, as it works to build a global settlement agency network. Kim explained, "This goes beyond simple payment brokerage to providing an integrated global settlement system that includes stablecoin payment networks," and added, "The goal is to achieve 30 trillion to 40 trillion won in payment and settlement volume within the next three to four years."