• NOW

News

  • NOW

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency Users

One of South Korea’s largest cryptocurrency exchanges, Bithumb, has begun providing a cryptocurrency payment service to a major online marketplace it refers to as “Asia’s Amazon.” Korean users can use their cryptocurrencies held at the exchange to pay for purchases on Qoo10 using this service.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Qoo10 Partners With Bithumb

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersSouth Korean cryptocurrency exchange Bithumb announced on Wednesday the launch of its “cryptocurrency payment service” for major online shopping marketplace Qoo10, which it referred to as “Asia’s Amazon.”

The two companies signed a contract in August and have been developing a payment service for Qoo10 that uses Bithumb cash.

A Bithumb representative explained to news.Bitcoin.com that for each customer:

Bithumb cash is the total asset [value] of [their] cryptocurrencies and KRW.

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersBithumb started offering the “Bithumb cash payment service for Qoo10 from the 5th of this month,” the exchange wrote. This payment option is now listed on the marketplace alongside Payco, Paypal, and E-money.

The representative emphasized that currently this service is only available to Koreans, including those living overseas. Foreigners living in Korea cannot use it, the representative noted, adding that the company is working to make it available to all users.

Qoo10 operates seven localized online marketplaces in five countries, its website details. Bithumb described this marketplace as a Korean e-commerce company that is “the No. 1 shopping mall in Singapore, and has become a leader in Asian e-commerce markets such as Hong Kong, China and Indonesia.”

Crypto Conversion at Market Rates

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersBithumb revealed in November last year that it was working on creating a “simple” payment system to allow its members to use their cryptocurrencies and KRW to pay for goods and services, Chosun described.

An official of the exchange explained at the time that all cryptocurrencies held in Bithumb accounts can be used. “The process of converting virtual currencies into Bithumb cash is done automatically based on current market prices,” the news outlet detailed.

The Bithumb representative confirmed to news.Bitcoin.com:

[Cryptocurrencies such as] BTC will be converted automatically into KRW at the market rate.

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersUsers can specify which cryptocurrencies will be sold first to cover a purchase after the Korean won in the account is depleted.

Sedaily reported in April that shop owners can also choose whether to accept payments in Korean won or cryptocurrencies. However, if a shop owner chooses cryptocurrencies, the amounts at the time of withdrawals may be different from the amounts paid by customers due to price fluctuations of cryptocurrencies. “Most franchisees want to reduce the risk of price fluctuations, so they often choose to work with the won,” the publication quoted Bithumb explaining.

Last month, Singapore-based BK Global Consortium acquired a majority stake in Bithumb, as news.Bitcoin.com reported.

What do you think of Bithumb’s partnership with Qoo10? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Qoo10.


Need to calculate your bitcoin holdings? Check our tools section.

Tags in this story
Bitcoin, Bithumb, bithumb cash, BTC, crypto, Cryptocurrency, Digital Currency, ecommerce, korea, Korean Won, N-Economy, Online Shopping, partnership, payment service, payment system, Qoo10, South Korea, Virtual Currency
Related
Cryptocurrency Exchanges Are Cleaning up Their Act

Ask a dozen crypto traders for the reason behind the recent rally and you’ll get a dozen different theories. Bakkt… read more.

Major Players Discuss BTC Rollback Following an Alleged Exchange Hack

The idea of rolling back the clock on cryptocurrency transactions to reverse a situation people are unhappy with is highly… read more.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.