6,000 Stores Will Now Accept Cryptocurrency in Korea, Thanks to Bithumb
Korea Joongang Daily reported on Tuesday that Bithumb is planning to partner with Korea Pay’s Service to allow consumers to use cryptocurrencies at over 6,000 popular stores including Starbucks, Cafe DropTop, Yankee Candle, and one of Korea’s most popular dessert shops, Sulbing.
The two companies plan to begin a beta of the service in 2018 and will have up to 8,000 stores participating by 2019. Bithumb noted that barcodes generated in an app can be used by customers to pay for goods and services at participating locations.
According to Bitcoin.com, Bithumb is South Korea’s second largest crypto exchange, with a 24-hour trading volume of $507 million. Bithumb has also recently expanded it’s customer service centers and has referred to a potential partnership with South Korean online shopping mall Wemakeprice.
“The business agreement of the contents of the application of the Korea Phase Service and the password Money payment system, which operates the electronic payment service, is to be extended offline. In the future, the customers will be able to pay for the cost of their passwords in over 6,000 offline merchants.”