South Korea adopts crypto in a major way.
A new partnership enables Koreans to spend their cryptocurrency in thousands of new locations.
CryptoNewsBulls recently gave you a good number of options to spend your Bitcoin. However, the available spending options will soon increase immensely, it was announced today. 6,000 stores in South Korea will start accepting crypto, including big chains such as Starbucks and Outback. And it doesn’t stop there, because before the year is over, the number of participating outlets should be increased to 8,000 – if everything goes as planned of course.
The mass adoption of cryptocurrency in South Korea is made possible through a collaboration between Bithumb, one of the largest exchanges around, and Pay. Interestingly enough, it will be possible to pay for coffee or steak straight out of your exchange wallet. To make this possible, Bithumb will integrate with Pay’s payment terminals, which are as of yet used to process payments for gift certificates. It is expected that customers will be able to pay using any cryptocurrency currently listed on the Bithumb exchange. To make a payment, a user can simply generate a barcode with a mobile app. Bithumb:
“We have taken a landmark step. We will try hard to set up an environment in which cryptocurrencies are used extensively.”
South Korea adopts crypto
Earlier this week, Bithumb also announced a partnership with Yeogi Eottae, a South-Korean hotel-booking platform. In other South-Korean adoption news, Kakao Corp, the entity behind the Upbit exchange, revealed it planned to integrate cryptocurrency payments into all of its platforms. These include Kakao Taxi and KakaoTalk, which are widely used in the country.
With Bitcoin and other cryptocurrency being down massively in the last few weeks, this is certainly a positive development. Let’s hope South Korea will set an example for the rest of the world and mass adoption follows all over the planet. And then, of course, moon.