Bithumb brings offline cryptocurrency payments to South Korea

Bithumb brings offline cryptocurrency payments to South Korea

It wasn’t too long ago that, in some parts of the world, it became possible to use nothing more than a cell phone linked to a bank account to buy products from vending machines. It’s a novel concept that eases the customer experience, and Bithumb, South Korea’s largest cryptocurrency exchange, is hoping to kick things up a notch with vending machines that accept crypto payments. The pilot program has been working well, and the exchange has now expanded its kiosks in the country to accept Bitcoin Cash (BCH).

At the end of March, CoinGeek reported on a program being tested by Bithumb to bring cryptocurrecy to over 8,000 retail merchants. The plan is to make paying with digital currency just as easy as paying with fiat, and the exchange set up partnerships with three kiosk manufacturers—UNO Space, IYU and Tros Systems—to help further its agenda. The kiosks are to be installed in small businesses centered on the food and beverage industry.

With the program up and running and beginning to show signs of success, Bithumb made the decision to incorporate the ability to pay with BCH. The news was first introduced by Bitcoin.com owner and Bitcoin Cash supporter Roger Ver, who tweeted a picture of him standing by one of the machines. The caption under the photo reads, “This food ticket vending machine in Korea is accepting Bitcoin Cash thanks to @BithumbOfficial.”

Bithumb hopes to launch three different services for the kiosks. The first two, Touchpad and Touchbone, have been created to offer flexibility to small businesses and allow them to choose the service that best represents their needs. The third, Bithumb Cache, is a service that allows Bithumb traders to convert funds at a kiosk by entering a password.

Bithumb has an average daily trading volume of about $245 million. Its trading platform is available in English, Spanish, Hindu, Chinese and Japanese, and the company offers apps in both the Android and iOS platforms.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Deconomy 2018 - Day 2 Summary

Deconomy 2018 day 2 summary

Cryptocurrency exchange Bithumb kicked off the second day of the Deconomy 2018 with an overview of South Korea’s growing cryptocurrency market, considered to be the largest in the world. Bithumb Vice President Jung-a Lee took the stage and gave a rundown on the growth the company has experienced in the past six months.

With trading volume reaching a daily record high at KRW3.2 trillion and a current market share of 40-55%, Bithumb shared security measures for the overheating market. In the wake of the latest cryptocurrency cyber-attack in Japan, Coingeek.com spoke to Sangyup Lee, Bithumb’s head of PR, on how the company can prevent this from happening in South Korea.

“We also have experienced some security issues last November, but we have made a lot of improvements in our security system, so we now have some security software which ensures people that their accounts are safe and also convenient to trade,” Lee said.

The highlight of Deconomy 2018’s Day 2 focused on the decentralized platform and shared global infrastructure, Ethereum. Research scientist Vlad Zamfir started the segment speaking about blockchain governance. He stated that there is no need to rush legitimizing blockhain governance nor choose a solution that is convenient to empower certain stakeholders over others as this may result in negative consequences down the line.

“We need to be careful not to just quickly legitimize everything because we’re anxious we don’t have clear governance processes,” Zamfir said. He also added, on the contrary, that the community needs to be mindful that if they don’t legitimize anything then they won’t have any governance process either.

He recommended to have a public conversation and build legitimacy on blockhain governance. “If we don’t have legitimate blockchain processes, someone else might govern for us,” Zamfir concluded.

Zamfir later joined an Ethereum research scientists panel led by Vitalik Buterin. Moderated by Joseph Poon, the group discussed the importance of scaling and opened up about the challenges around it.

“One of the greatest barriers to this space’s growth in a more productive way is the dissemination of the information that will allow people to evaluate and validate these protocols themselves,” said research scientist Karl Floresch.

Buterin closed the day with an “Ethereum vision” speech, which focused blockchain’s potential and efficiency. “The point of all these is that there is a large set of designs that we could choose from if we want blockchains that are more efficient,” he explained. He added that the community can use a combination of on-scale improvement like sharding and plasma, and do things like state channels. Although Buterin didn’t provide any clear timeline for these solutions, he claimed that it’s more cultural and social factors that are slowing down the process.

He ended his speech with statements on the current state of where blockchain is. “Finding the right end part of the space for your application to be in, fully developing the all the corners of the space and making all the corners of the space as easy to use, as easy to develop and as easy to build things in and really trying to figure out how much you can really get if you want it,” Buterin said, “that’s what I think the next phase of the blockchain space is about and that phase has already begun.”

Also watch: Deconomy 2018 Day 1 summary

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
South Korean merchants could see crypto payment options by 2019

South Korean merchants could see crypto payment options by 2019

South Korean consumers are about to get access to a greater amount of shopping options where they can spend their cryptocurrency. South Korean exchange Bithumb has announced its plans to open up the platform and allow its users to use cryptocurrencies at more than 8,000 stores by the end of this year. The exchange will begin offering a pilot program in June, and roll out the service to additional merchants throughout the remainder of the year.

Bithumb is teaming up with Korea Pay, a digital payment provider in the country. Korea Pay currently handles transactions for over 200 brick-and-mortar stores and generates around $279 million each year. Consumers will be able to shop in stores such as Yankee Candle and Sulbing, and easily pay using their cryptocurrency wallet.

The announcement follows on the heels of a similar move by the popular exchange earlier this month. It has already partnered with a number of restaurants and cafes for the installation of cryptocurrency payment machines so that those establishments could accept crypto from their customers. The payment kiosks were created jointly by Bithumb and kiosk manufacturers Tros Systems, IYU and Unos Space.

Korea Pay Services ranks as one of the most successful payment system companies in the country. It is already used in over 400 establishments, including Starbucks and Outback.

Additionally, Bithumb has also entered into an agreement with Innovation Corp, a South Korean travel website that centers on hotels and vacation rentals. The website hosts more than 50,000 different lodging opportunities, and Bithumb user can now pay for their stay with any of 12 supported cryptocurrencies.

Bithumb is currently ranked sixth by trading volume among all exchanges, after falling one notch from earlier in the month. Its 24-hour trade volume sits at around $682 million. It recently opened a new customer service center in an affluent part of Seoul, South Korean, expanding its number of centers to eight.

Earlier this month, the exchange partnered with BitPay to allow consumers to make cross-border invoice payments. Whereas payments had to be reconciled through wire transfers that took four days and cost 4% of each transaction, the payments now can be completed in about a day and only cost 1%. BitPay is expected to process around $4 billion worth of transactions this year.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/south-korean-merchants-see-crypto-payment-options-2019/

BitPay and Bithumb partner to deliver international blockchain option for payments between South Korea and US/European businesses

BitPay and Bithumb partner to deliver international blockchain option for payments between South Korea and US/European businesses

Solution Leverages Bitcoin and Bitcoin Cash for Transactions

Singapore, March 14, 2018 – BitPay, the largest global blockchain payments provider, today announced a partnership with Bithumb, one of the world’s largest crypto exchanges. This week at Money 20/20 Asia, BitPay and Bithumb are launching a blockchain based cross border payment solution to help South Korean businesses pay or receive international payments  faster and more economically than traditional bank wires. Bitcoin and Bitcoin Cash payments dramatically reduce the friction, cost, and time of cross-border business to business payments.

Trade between South Korea with Europe and the United States is expected to reach $200 billion this year. This partnership makes an ideal solution for customers who need to send and receive international payments directly and efficiently.

Businesses who select the BitPay solution pay a fee of one percent for this transaction and can receive the cross-border confirmation in one business day. The average bank wire to or from South Korea costs approximately four percent, depending on the foreign exchange rates and each banks’ wire rates, and takes three to five business days.

“BitPay’s business to business solution is our fastest growing product as it’s already in use around the world with global corporations, legal entities, software companies, and real estate sellers,” said Stephen Pair, CEO of BitPay. “Working with Bithumb, one of the largest and most respected exchanges in the world, lets BitPay easily provide this solution to businesses in South Korea.”

Working together, BitPay is to sign up businesses in Europe and the United States who need to pay South Korean businesses. In turn, Bithumb is to sign up the South Korean customers who need to make payments to BitPay merchants in the United States or Europe. BitPay is to process the payments and settle in US Dollars or Euros to the customers bank account, minus the one percent transaction fee in one business day. The process also works in reverse for South Korean businesses requiring payment from businesses in the United States or Europe.

“BitPay’s cross-border business to business payments solution has been used by numerous customers around the world helping to save costs and reduce payment times.  This partnership allows us to focus on South Korean businesses paying or receiving $100,000 – $5 million per invoice where a 1 -2% savings on each invoice can lead to dramatic cost savings,” said Sonny Singh, Chief Commercial Officer of BitPay.

The typical South Korean business that can benefit from this type of cross-border payment are those handling payments between $100,000 to $5 million with Europe or the United States. Businesses must create accounts and pass Know Your Customer checks with Bithumb and BitPay.

For more information in South Korea email partner@bitcash.com. Customers in Europe or the United States should email sales@bitpay.com or visit https://bitpay.com/cross-border.

About Bithumb

Bithumb is one of the largest cryptocurrency exchange in the world, which is based in South Korea. Bithumb is actively involved in various fintech projects beyond cryptocurrency exchange to develop blockchain ecosystem.

For more information on Bithumb, visit www.bithumb.com or email partner@bitcash.com.

About BitPay

The first and most experienced company in bitcoin payments, BitPay builds powerful tools for secure bitcoin payment acceptance, savings, and spending.

The company has offices in North America, Europe, and South America and has raised over $60 million from top investors including Index Ventures, Founders Fund, Aquiline Capital Partners and Sir Richard Branson. BitPay processes payments for industry giants in online commerce, from Microsoft to Newegg.com.

For more information on BitPay and what it’s doing in the world of bitcoin, visit www.bitpay.com or email media@bitpay.com

Media Contacts

BitPay

media@bitpay.com

Bithumb

partner@bitcash.com

South Korean exchanges hit a snag as government bans banks from backing them

All South Korean exchanges are affected including one of the largest BTC exchanges in the world—Bithumb.

South Korean exchanges are in a bit of a ditch as news breaks out of its government’s decision to ban financial institutions from dealing in virtual currencies. Without banks to back their operations, exchanges are crippled until they find alternative solutions. According to a report, the Prime Minister’s Office said financial institutions will be prohibited from buying or even just holding cryptocurrencies as collateral.

The news comes shortly after the government announced its decision to regulate cryptocurrencies, with looming threats of taxing profits from value fluctuations still unsettled. The government has been worried as the wild fluctuations in the BTC price reeled in a huge population of South Koreans—CNN reported that students are checking prices between classes, and workers trading on their phones has become a common sight. Prime Minister Lee Nak-yeon stated last month that the government needs to intervene before cryptocurrency trading turns into “some serious pathological phenomenon.”

Apart from financial institutions, minors and foreigners will also be included in the ban.

Consequently, banks have stopped issuing virtual bank accounts, with still a bit of confusion as to how each individual bank will handle already existing accounts. Several major banks are saying existing accounts will be cancelled, effectively cutting users off from trading through exchanges that require virtual bank accounts.

Major banks like Shinhan Bank, Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Woori Bank, KB Kookmin Bank, and KEB Hana Bank have all stopped issuing virtual accounts.

Cryptocurrency exchange Bithumb, which holds a majority of the South Korean BTC market volume and is one of the largest cryptocurrency exchanges in the world, said earlier this week that they will comply with whatever regulations the government passes down, and will require proper identification and verification by its users should regulations require it.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

South Korean exchanges hit a snag as government bans banks from backing them

All South Korean exchanges are affected including one of the largest BTC exchanges in the world—Bithumb.

South Korean exchanges are in a bit of a ditch as news breaks out of its government’s decision to ban financial institutions from dealing in virtual currencies. Without banks to back their operations, exchanges are crippled until they find alternative solutions. According to a report, the Prime Minister’s Office said financial institutions will be prohibited from buying or even just holding cryptocurrencies as collateral.

The news comes shortly after the government announced its decision to regulate cryptocurrencies, with looming threats of taxing profits from value fluctuations still unsettled. The government has been worried as the wild fluctuations in the BTC price reeled in a huge population of South Koreans—CNN reported that students are checking prices between classes, and workers trading on their phones has become a common sight. Prime Minister Lee Nak-yeon stated last month that the government needs to intervene before cryptocurrency trading turns into “some serious pathological phenomenon.”

Apart from financial institutions, minors and foreigners will also be included in the ban.

Consequently, banks have stopped issuing virtual bank accounts, with still a bit of confusion as to how each individual bank will handle already existing accounts. Several major banks are saying existing accounts will be cancelled, effectively cutting users off from trading through exchanges that require virtual bank accounts.

Major banks like Shinhan Bank, Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Woori Bank, KB Kookmin Bank, and KEB Hana Bank have all stopped issuing virtual accounts.

Cryptocurrency exchange Bithumb, which holds a majority of the South Korean BTC market volume and is one of the largest cryptocurrency exchanges in the world, said earlier this week that they will comply with whatever regulations the government passes down, and will require proper identification and verification by its users should regulations require it.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.