Bithumb Exchange To Bring Crypto Payments To 8K South Korean Merchants By 2019

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A new partnership for South Korean exchange Bithumb sees it branch out into physical payments with cryptocurrency.

Major South Korea exchange Bithumb will allow its users to pay with cryptocurrency in 8,000 brick and mortar outlets by the end of 2018, it announced March 26.

In a pioneering move for cryptocurrency payments in South Korea, Bithumb will partner with digital payment services provider Korea Pay to facilitate purchases for its users.

A pilot is expected to launch by June, with 8,000 merchants coming on board by year end, according to an accompanying press release.

“Through this partnership, the companies will focus on improving customer satisfaction and convenience in real life,” Bithumb writes.

Korea Pay handles payments for more than 200 franchise-based offline merchants, generating brokerage services of 300 bln won ($279 mln) annually.

The move follows Bithumb’s previous delve into consumer-focused offline cryptocurrency payments just earlier this month, when it partnered with several manufacturers to supply crypto-accepting payment terminals to restaurants and cafes.

Earlier this month, the exchange also revealed it was working on international expansion plans, signing a deal with BitPay to facilitate cross-border payments using Bitcoin.

Bithumb is currently ranked number 6 among exchanges listed on CoinMarketCap by 24-hr volume, trading about $682 mln total on the day to press time.

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Author: William Suberg

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