A partnership between Bithumb, a major cryptocurrency exchange, and the Seoul-based With Innovation Corp. will allow customers of the South Korean travel site pay with cryptocurrencies for over 50,000 accommodation facilities, including hotels, motels, inns, guest houses, and campers, according to their announcement on Tuesday.
With Innovation Corp. is specializing in small and medium-sized accommodation facilities under the brand name that is loosely translated as “How are you here?”
The Hankyoreh elaborated:
“The user can pay in a virtual currency held in their Bithumb account when booking a hotel, resort, or motel. There are about 50,000 registered properties here [in Korea].”
At press time, the Bithumb’s rank among the global crypto exchanges is number five by 24-hour trading volume and number two in South Korea, with the Kakao Corp-backed Upbit being in the first position.
According to Bithumb, all existing cryptocurrencies can be used: Bitcoin, Bitcoin Cash, Ripple, Ether, Ethereum Classic, EOS, Qtum, Monero, Litecoin, Zcash, Bitcoin Gold, and Dash. The news outlet quoted the exchange commenting:
“We expect that virtual currencies will be used to make reservations and payments for domestic and international travelers, which will be of great help in increasing convenience.”
Using With Innovation apps, the customers will be able to book a room and pay their bills with any of the above cryptocurrencies, Zdnet Korea explained, adding that the apps have “about 2 million monthly net users.” The app that is available in both Android and iOS and has in the Google Play store over 41,000 ratings, averaging 4.4 stars, while iTunes store rates it with 4.7 stars on average, by about 5,700 users.
“The service will be introduced in the first half of this year”, starting, “as soon as possible,” according to Yonhap reported Bithumb. The exchange added that it is “constantly discussing with various companies” promoting the usage of cryptocurrencies in the country.
Bithumb was further quoted by Green Economy:
“Our country has become a part of the global trend of spreading cryptocurrencies through the partnership with Korea’s largest accommodation app.”