After months of rumors, speculation, and uncertainty, the cryptocurrency regulatory war in South Korea seems to be over, and confidence is gradually returning to the Korean digital currency space. Leading cryptocurrency exchange, Bithumb has inked a partnership deal with top mobile payment service Pay’s to facilitate cryptocurrency payments for over 6,000 outlets and merchants in the nation.
According to the Korea Times, the partnership deal which was signed on March 26, 2018, is aimed at making it possible for at least 6K shops to accept cryptocurrency payments before the end of the first half of this year. Also, the team will work hard to increase the number of cryptocurrency-supported merchants to 8,000 before the end of 2018.
That’s not all; the report also hints that at least 200 franchise brands are interested in the project, enabling digital currency hodlers to seamlessly pay with blockchain money using the Pay’s mobile payment app.
More Crypto Adoption
This move will undoubtedly increase the level of crypto adoption in the Asian nation, as all reservations in the hearts of investors fuelled by regulatory issues that threatened to cripple the Korean crypto ecosystem has evaporated. An official of the reputable crypto exchange has said that this latest development is in a bid to boost the use of virtual currencies in Korea and maybe globally. In his words:
“We have taken a landmark step. We will try hard to set up an environment in which cryptocurrencies are used extensively.”
A lot of good crypto news has been coming from South Korea Lately. Back in August 2017, BTCManager reported that South Korea’s most significant messaging and FinTech platform Kakao was planning to integrate bitcoin into its platform.
Fast forward to 2018 and the Kakao crypto ambition is still alive as Asia Business reported two weeks ago that one of the largest conglomerates in Korea, Kakao, who owns the KakaoPay platform is putting preparations in top gear to make its cryptocurrency dream a reality.
In addition to adding established cryptocurrencies such as bitcoin, ethereum, and some other altcoins to its platform, Kakao will launch own cryptocurrency by the end of 2018.
If all goes according to plan and Kakao Corp successfully integrates virtual currencies into its platform, it will enable over 12 thousand people who use the conglomerate’s services such as Kakao Taxi, KakaoPay and others to embrace the gospel of cryptocurrency. And very soon, the South Korean digital currencies industry may become as vibrant as that of Japan where thousands of retail shops, large merchants, hotels, and airlines have all integrated cryptocurrencies into their businesses.
Although the good news is yet to make any significant impact on the price of bitcoin and other cryptocurrencies as the market is still battling to survive from the firm bear grip, however, 2018 might even be another excellent year for the entire cryptocurrency world.