South Korea‘s largest cryptocurrency exchange has reported that it is now committed to creating a crypto environment where its users can access digital currencies as easily as cash.
The exchange, Bithumb, has announced partnerships with South Korea’s third-largest e-commerce platform, WeMakePrice, and the largest local hotel booking platform, Yeogi Eottae. The platforms are expected to integrate all 13 cryptocurrencies listed on Bithumb’s platform within 12 months.
A spokesperson for the exchange indicated to media outlet Yonhap that they were currently in talks with large South Korean online businesses and leading companies to create a situation similar to Japan’s where users can spend their digital currencies with ease.
Bithumb told South Korean newspaper HanKyoReh that it had partnered with WeMakePrice in order to “…integrate cryptocurrencies to eliminate intermediaries like banks and financial service providers for merchants.” This would enable users to eliminate the use of credit car purchases enabling payment in digital currencies such as Bitcoin and Ethereum.
Last month the popular exchange also announced its entry into another market; the cryptocurrency kiosk industry, promising to supply fast food chains, restaurants, cafes and malls with crypto kiosks and ATMs. This installation of crypto kiosks and ATMs is seen as a revival by the company as prior to Bitcoin’s surge there had previously been a lack of demand. An official statement by the company stated:
“The entry into the kiosk business is meaningful, to provide substantial benefits and low-cost rental services to small business owners. We will continue to work in various industries based on Blockchain technology…”
According to recent reports, the placement of kiosks and ATM’s in food courts and malls is likely to lead to the increased use of cryptocurrency as a payment method. Users will simply carry barcodes that act as debit cards which receive payments directly from their cryptocurrency wallets.
In Japan, many businesses accept Bitcoin, and it is easy for users to use cryptocurrency to purchase food at restaurants and cafes. Bithumb is hoping to emulate these successes in South Korea.