Tag Archive: SouthKorean

South Korean restaurants can now accept Cryptocurrencies via Kiosks, announces Bithumb

Earlier in the previous week the largest cryptocurrency exchange of South Korea, Bithumb, revealed their ambitions of launching digital currency Kiosks for restaurants and cafes. This will provide customers with an option to pay for their food directly through their virtual currency holdings on Bithumb.

It was also revealed that this proposed Kiosk would be called “Touch B,”. A partnership between Bithumb and the Kiosk manufacturers Tros Systems, IYU, and Unos Space is what made this idea a possibility. Through this partnership, the above-mentioned companies seek out to provide the small food and beverage franchises with the ability to cater to customers who prefer paying through cryptocurrencies. Bithumb also mentioned that they alone would not itself will not be manufacturing the Kiosk, thus highly leading to the likeliness that they would create the software used by the machines.

As per a statement issued by Bithumb, it stated,

“The entry into the Kiosk business is quite eloquent for providing substantial benefits and low-cost rental services to small business owners. We will continue to work in various industries based on Blockchain technology. We will continue to present opportunities for providing total solutions for small businesses through our partnership.”

In an effort for making their kiosks affordable for smaller businesses, Bithumb has claimed to offer their Kiosks for 10 percent less than the current going rate. Bithumb also announced that they would present various options to the businesses using their kiosks. They believe this will provide the business with an added benefit of flexibility further enabling them to decide the optimal services to match their needs.

Bithumb also stated that customers would be able to access these kiosks directly using their account passwords. Bithumb credits the possibility of this feature to their services of password settlement and Bithumb Cache.

Not long ago a partnership between Bithumb andGood Choice which is one of the largest hotel booking services in South Korea was announced. Through this aspiring partnership, Bithumb also infused their service of accepting 12 different currencies to over the 50,000 hotels associated with Good Choice.

A Bithumb spokesperson said,

“Our partnership with the nation’s largest accommodation app has provided a platform for Korea to join the global trend which will witness an even greater use of cryptocurrency and we are continuously discussing the possibility with of a greater use of a simple and safe payment tool, cryptocurrency with several companies in Korea.”

As per several estimates, it stated that the number of active virtual currency traders in South Korea to be more than a million, suggesting that the food service franchises can be more profitable by tapping into this digital market sector

Back in January South Korean send shockwaves throughout the world when they revealed their decision of imposing a ban on all anonymous cryptocurrency trading in the country. This ban was a result of the increasing number of frauds and thefts over these anonymous trading platforms and also due to illegal uses of cryptocurrency for money laundering and tax evasion.

Through this announcement made by Bithumb, they remain quite positive of reigniting the citizens trust in the cryptocurrency world and aim to take full advantage of the opportunity provided by the food service economy in South Korea.…