The leading South Korean cryptocurrency exchange, Bithumb has come into a partnership with a mobile payment service provider, Korea Pay Service to make digital currencies available in about 8,000 stores by the end of 2018 in the entire country.
This is a huge step forward towards cryptocurrency adoption, despite the regulatory uncertainty in the South Korean cryptocurrency market.
This partnership is planning to expand the adoption of cryptos, in about, physical outlets in the first six months of the year and further expand this number to 8,000 by the end of 2018.
An official of the Bithumb was quoted by a local media outlet saying:
“We have a landmark step. We will try hard to set up an environment in which cryptocurrencies are used extensively.”
Bithumb’s trading volume is about $642.4 million, whereas Korea Pay Services operates at over 8,000 stores in more than 200 franchises. This partnership enables a user-friendly crypto payment environment for both parties.
South Korea has been undergoing a convoluted crypto regulatory scenario since December when the authorities issued a number of regulations, from banning anonymous trading accounts to foreign use of domestic exchanges.
On the other hand, through numerous partnerships, Bithumb succeed a rapid expansion over the last year. In fact, this month, the exchange announced its collaboration with BitPay to facilitate the cross-border transactions between the West and South Korea. Moreover, it implemented the cryptocurrencies as a payment option in the retail kiosk businesses.
To sum up, this partnership propels the cryptocurrency adoption in the country helping probably in using crypto as a regular means of exchange for goods and services.