Bithumb is one of the largest cryptocurrency exchanges in South Korea and it has announced a new agreement with Korea Pay, a payment service provider from the same country. The agreement is made to create six thousand points of sale for cryptocurrencies.
The announcement was communicated by a local news outlet. The report says the two companies will be working on a project to add around 6,000 new points in the entire country and thus make the cryptocurrencies more accessible to the citizens of South Korea. The plan is to create 6,000 new points of sale in the first half of this year and reach 8,000 new points by the end of 2018.
Despite some uncertainty in South Korea when it comes to the regulations of cryptocurrencies, this new alliance presents a major step for Bithumb and generally for the adoption of the cryptocurrencies in the country. Bithumb said the following: “We made a historical step forward. We will do all it takes to establish an environment in which the cryptocurrencies are widely used.”
The alliance between Korea Pay and Bithumb will provide access to more than 200 brands and franchises and the clients will be able to pay with cryptocurrencies at thousands of points of sale around the country. Among the numerous brands, we can mention Todai, a restaurant chain, Yankee Candle, a candle shop, etc.
Korea Pay offers gift cards in more than 2000 aforementioned franchises. On the other hand, Bithumb is managing a volume of around 65,000 bitcoins daily and support 13 cryptocurrencies, which makes it one of the largest cryptocurrency exchanges in both South Korea and the world.
Bithumb set a goal to facilitate the adoption of the cryptocurrencies, both in terms of knowledge and use. The cryptocurrency exchange formed an alliance with BitPay at the beginning of this month to make the cryptocurrencies more accessible to sporadic users by integrating other cryptocurrency payment processing companies.
Moreover, together with Touch B, Bithumb created a line of kiosks and ATMs that function with cryptocurrencies. There are three products known as Kiosk, Touchpad and Touchbone and owners of different small and medium enterprises (SME) can choose from a variety of products according to their scope and business plans.
