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Major South Korean E-Commerce Firm adds Cryptocurrencies to it’s Payment Options, Cryptocurrency adoption expected to Rise

Jan 31, 2018 Posted /  2587 Views

Major South Korean E-Commerce Firm adds Cryptocurrencies to it’s Payment Options, Cryptocurrency adoption expected to Rise

Wemakeprice Partners with Bithumb to Enable Purchase using Cryptocurrencies

In south korea, online retailer wemakeprice is partnering with the countries largest cryptocurrency exchange Bithumb in a bid that will see wemakeprice customers buy merchandise on the platform using cryptocurrencies. Upto twelve cryptocurrencies will be available as payment options in after wemakeprice officially start accepting cryptocurrencies.

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in the coming weeks wemakeprice and Bithum will be working together to include Bithumb’s processor, wonderpay into the existing wemakeprice infrastructures. Wemakeprice wants their customers to be able to buy products from its website using any of the 12 cryptocurrencies of choice including Bitcoin and ethereum.

Wemakeprice corporate spokesperson told south korea's leading daily newspaper in an interview that, including cryptocurrencies is some of their initiative to ease payment on the site for their customers and shoppers. He continued saying that smartphone fintech apps are environmentally friendly ways of processing payments.

Cryptocurrency adoption expected to Rise

Wemakeprice is a major online retailer based in Seoul South Korea with a large capital and customer base gained from providing fast and inexpensive offers via its cell programs. Adding cryptocurrencies as a payment option on wemakeprice is expected to significantly boost the number of first time users of cryptocurrencies. Major cryptocurrencies like bitcoin and Ethereum are expected to take majority of the favours both in terms of price gains and increased user bases.  

Cryptocurrency sector of south korea is recently battling unending regulatory issues with the South Korean government. Major setbacks being observed in the country is the ban put on cryptocurrency exchanges preventing them from holding bank accounts which is an essential requirement for an efficient exchange system. The federal government of South Korea too has vowed to keep a closer look at the cryptocurrency industry of the country.

Currently about six other banks have agreed to allow cryptocurrency exchanges in South Korea to open and own accounts in them.

Wemakeprice is still the first online retail company in south korea to start accepting cryptocurrencies for the products sold on their platforms. It is expected that other companies competing with wemakeprice will follow soot to also include options of paying via cryptocurrencies on their platforms.

Legality of Cryptocurrencies in South Korea

The partnership between online retailer wemakeprice and cryptocurrency exchange Bithumb will only come to light after the government announces further regulations on cryptocurrency exchanges. Yesterday, at the National Assembly,  Korean lawmakers met cryptocurrency specialist to discuss ways to regulate virtual currency in the country.

The government has been working hard to settle speculations beaming over cryptocurrencies by bringing numerous measures, including Real-name transactions. The cryptocurrency market of South Korea which is the third biggest in the korea because of daily trading volume, has not slowed because of all these government fight for control. A resolution has been put in place that starting today 30. 01.2018 only account holders of accounts bearing real names will be allowed to buy cryptocurrencies.


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