A partnership between South Korea’s cryptocurrency exchange Bithumb and mobile payment service provider Korea Pay Services has been made and it aims to make cryptocurrencies available at thousands of stores countrywide.
The two partners will work together to reach their target of 6000 store outlets by the first half of the year and by the year’s end they aim to have at least 8000 stores countrywide that sell cryptocurrencies. The other massive news that is due to this partnership is that Korea Pay Service is going to facilitate its users to make cryptocurrency payments using their platform.
The announcement of the partnership between Bithumb and Korea Pay Services was announced on Monday and an official at Bithumb claimed that the partnership will go a long way in fueling the adaption of cryptocurrency in wider mainstream society.
This news comes right after Kakao Corp, the operator of a subsidiary that runs a major cryptocurrency exchange, reportedly is integrating cryptocurrency payments for over 12,000 merchants for over a million users across their platforms such as; KakaoTalk, KakaoPay, KakaoStory, etc.
Bithumb recently also closed another partnership deal with a leading hotel chain in the country, also enabling guests to pay their bills using cryptocurrencies.
While this move is welcome and a huge push in the direction of the adoption of cryptocurrency in the country, it is not the first country that is allowing corporations to make it easier for people to buy and hold crypto assets. Just this week, Australia too announced a similar deal through which they plan to make cryptocurrencies, like Bitcoin and Ethereum, available in retail stores, newsstands and through mobile phones, making it much more accessible to the market newbies.
The moves taken by South Korean exchange Bithumb are very similar to those taken by Japan back in the day. Most Japanese retailers, hotels and travel agencies now accept bitcoin as a form of payment. And as a country, the Japanese have been the most receptive to the new technology and also the most proactive in terms of adaptation to it. With South Korea following in its footsteps, it could just be a matter of time till cryptocurrency becomes the second currency of the country.