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Korean Crypto Exchange Launching Social Media P2P Payment System

South Korean cryptocurrency exchange Bithumb is launching a P2P payment platform for social media including social networking sites and blogs. The exchange is also preparing to sell 12,500 kinds of mobile vouchers from 600 brands.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Social Media Crypto Payment System

Korean Crypto Exchange Launching Social Media P2P Payment SystemThe second largest crypto exchange in South Korea, Bithumb, recently announced that it is launching a “social media optimization payment platform.” Tentatively called SNS Pay, this P2P platform supports payments on social media including social networking sites (SNS) and blogs, the exchange detailed, adding that:

SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media. In particular, [we are] implementing a system to allow payments with the same UI/UX and social media.

Bithumb explained that customers can use its new platform to buy goods that are popular on social media without having to search for an online store that sells the products. “By utilizing SNS Pay [for] shopping on social media, the conversion rate leading to the actual purchase is expected to be significantly improved,” a Bithumb official said, adding that “SNS Pay increases the payment convenience to lower transaction costs.”

Korean Crypto Exchange Launching Social Media P2P Payment System
Illustration provided by Bithumb.

South Korea is among the countries with the highest proportion of active social media users. Its current population is 51,118,262 as of March 31, based on the latest United Nations’ estimate. According to data from Statista, 84% of the population are active social media users as of the third quarter of last year, with almost 43 million people actively using Kakao Talk in the second quarter of last year.

Partnership with Wincube Marketing

Last week, Bithumb also announced that it has formed a strategic partnership with Wincube Marketing, a Korean e-commerce site offering coupon services.

Korean Crypto Exchange Launching Social Media P2P Payment System

“Under the partnership with Wincube Marketing, Bithumb will sell 12,500 kinds of mobile vouchers from 600 brands through gift certificates,” the exchange wrote, adding that customers can use their cryptocurrencies held at the exchange or Korean won to purchase gift certificates and gifts. Bithumb currently offers trading of 15 cryptocurrencies: bitcoin, ripple, ether, eos, icon, qtum, tron, ethereum classic, vechain, bitcoin cash, litecoin, bitcoin gold, monero, dash, and zcash. The exchange elaborated:

Cryptocurrency is now out of the investment vehicle only [phase]. [It] started to play a function of real money.

What do you think of Bithumb’s social media payment system and partnership to sell gift vouchers? Let us know in the comments section below.

Images courtesy of Shutterstock and Bithumb.

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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.