A new partnership for South Korean exchange Bithumb sees it branch out into physical payments with cryptocurrency.
In a pioneering move for cryptocurrency payments in South Korea, Bithumb will partner with digital payment services provider Korea Pay to facilitate purchases for its users.
A pilot is expected to launch by June, with 8,000 merchants coming on board by year end, according to an accompanying press release.
“Through this partnership, the companies will focus on improving customer satisfaction and convenience in real life,” Bithumb writes.
Korea Pay handles payments for more than 200 franchise-based offline merchants, generating brokerage services of 300 bln won ($279 mln) annually.
The move follows Bithumb’s previous delve into consumer-focused offline cryptocurrency payments just earlier this month, when it partnered with several manufacturers to supply crypto-accepting payment terminals to restaurants and cafes.
Bithumb is currently ranked number 6 among exchanges listed on CoinMarketCap by 24-hr volume, trading about $682 mln total on the day to press time.