Bithumb Plans to Become Asia’s Amazon

Karan Balwani

November 12, 2018 2:48 pm

Cryptocurrency Exchange

Bithumb Plans to Become Asia's Amazon
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Bithumb, one of the largest cryptocurrency exchanges in South Korea has started the cryptocurrency payment service. This service is being offered through Qoo10, an online marketplace that regards itself as “Asia’s Amazon”. Korean users can avail this service by using their cryptocurrencies to pay for purchases made on the Qoo10 platform.

The two companies signed a contract back in August and have been actively developing a payment service ever since. The currency used for purchases is Bithumb cash.

A Bithumb representative explained

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

The cash service by Bithumb will start alongside other payment options such as Payco, Paypal and E-money.

The representative from Bithumb said that this service is available only to Koreans for now. This also includes Korean people who are based overseas. Additionally, the foreign nationals that are living in Korea will not be able to use this service. However, the company is working towards changing this.

Notably, Qoo10 currently operations through seven online marketplaces based out of five countries. Bithumb described this marketplace as

“The No. 1 shopping mall in Singapore, and has become a leader in Asian e-commerce markets such as Hong Kong, China, and Indonesia.”

“The process of converting virtual currencies into Bithumb cash is done automatically based on current market prices. [Cryptocurrencies such as] BTC will be converted automatically into KRW at the market rate.”

Users have the option to define which cryptocurrencies can be sold first in case the amount of Korean won in the user’s account is depleted.

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