One of the biggest South Korea cryptocurrency exchange, Bithumb announced its partnership with the mobile payment service provider, Korea Pay Services in order to make digital currencies available in about 8,000 stores by the end of this year in the entire country.
Crypto exchange Bithumb & Korea pay service in partnership
The leading cryptocurrency exchange of South Korea, Bithumb has come into a partnership with a mobile payment service provider, Korea Pay Service in an effort to facilitate the availability and use of cryptocurrencies in the South Korean market.
Currently, South Korea is undergoing uncertainty over regulating the cryptocurrency market and this move is certainly a huge step towards cryptocurrency adoption.
This partnership plans to expand the adoption of cryptos in about 6,000 physical outlets in the first half of the year and further expand this number to 8,000 by the end of this year. When it comes to the cryptos trading share, Ripple is the most traded cryptocurrency in South Korea.
An official of the Bithumb was quoted by a local media source as saying:
“We have taken a landmark step. We will try hard to set up an environment in which cryptocurrencies are used extensively.”
The trade volume of Bithumb exchange is about $642.4 million whereas Korea Pay Services operates at over 8,000 stores in more than 200 franchises. With this huge partnership, both the parties aim to develop a user-friendly crypto payment environment.
Bithumb facilitating South Korea cryptocurrency adoption
South Korea has been undergoing a convoluted crypto regulatory scenario since December as the authorities issued a number of regulations. From banning the anonymous trading, foreign use of domestic exchanges to restricting the government officials from crypto trading and holding, the crypto industry went through a lot of disturbance in the country.
Over the last year, Bithumb has been through a rapid expansion via its numerous partnerships. This month, the exchange announced its collaboration with BitPay in order to facilitate the cross payment industry between the West and South Korea.
Furthermore, the exchange implemented the cryptocurrencies as a payment option in the retail kiosk businesses.
Now, with Bithumb’s partnership, the cryptocurrency adoption has been propelled forward in the country. This might also help in using crypto as a regular medium of exchange for goods and services.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.