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.
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Qoo10 Partners With Bithumb
South 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.
Bithumb 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
Bithumb 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.
Users 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 .
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.
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