Addressing the addiction of South Korean society to cryptocurrency, the country’s largest cryptocurrency exchange – Bithumb – is planning to bring Bitcoin ATMs and kiosks to the tiny peninsular nation, according to the local news outlet ZDNet Korea.
Last month, Bithumb partnered with three kiosk manufacturers – Uno Space, TROS Systems, and IYU. These firms supply kiosks optimized for small businesses such as food and beverage franchises, small restaurants, and cafes.
According to ZDNet Korea, Bithumb will launch a new brand, called Touch B, for its Bitcoin ATMs. Though the exchange is not manufacturing its own kiosk, it is likely that it will supply its own software.
Bithumb told ZDNet Korea: “The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rental services to small business owners. We will continue to work in various industries based on the blockchain technology. We will continue to provide opportunities to provide total solutions for small businesses through our partnership.”
Introducing Axiory Intelligence, an Independent Market News-ProviderGo to article >>
Moreover, Bithumb will launch three services – two of which are called Touchpad and Touchbone. These services will provide flexibility to the businesses to choose the appropriate service based on their requirements.
The crypto exchange is also planning to launch a password settlement service, called Bithumb Cache, with which customers can convert their funds stored at Bithumb by simply typing the password at a kiosk.
More Signed Deals
Recently, Bithumb inked a deal with one of the largest accommodation websites in South Korea, Good Choice, which lists over 50,000 hotels. As per the partnership, all the hotels associated with the website will now accept 12 different cryptocurrencies.
Commenting on this partnership, a Bithumb spokesperson said: “Our partnership with the nation’s largest accommodation app has allowed Korea to join the global trend to see a greater use of cryptocurrency and we are continuously discussing with various companies for a greater use of a simple and safe payment tool, cryptocurrency in Korea.”
South Korea Vs Cryptocurrencies
South Korea is one of the most concentrated regions in the world, and cryptocurrency mania has taken off there in an insane way. According to various estimates, over a million South Korean citizens, including youths and housewives, actively trade cryptocurrencies.
The frenzy and flow of money from regulated markets towards the unregulated economy quickly attracted the government’s attention. After a lot of controversial decisions, the country’s government banned all anonymous accounts from trading in cryptocurrencies. Though it will be very tough for the authorities to completely wipe out digital coins within the country’s borders, they are actively working to impose some regulatory rules on this wild market.