Bithumb, a popular South Korea crypto exchange has recently announced its partnership with a major online marketplace— Qoo10, which is commonly referred to as “Asia’s Amazon”. Through the partnership, Bithumb will be providing a cryptocurrency payment gateway for the e-commerce website. The payment gateway termed, Bithumb Cache System will be made available for South Korean shoppers who have cryptocurrencies held on the exchange.
Bithumb Cache System
The partnership between Qoo10 and Bithumb started with a contract which was signed in August. The contract led to the development of a payment service for Qoo10 that uses the Bithumb Cache system.
The Bithumb Cache system which was introduced recently has been defined as a password settlement service that allows Bithumb customers to convert their funds and use for payments with their password.
The Bithumb payment solution is now live and available for use on the shopping site. The payment option has been listed alongside other popular options such as Payco, Paypal, and E-money.
It is also important to note that this option is only available to Korean citizens alone. So whether you are home or abroad, as long as you are Korean, you can access this payment option. Also, foreigners living in Korea cannot use it. However, the company has made it known that it is working toward making it available for everyone.
Comments from Both Side
Qoo10 has also commented on the partnership with Bithumb. It stated that :
“The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience”,
Bithumb has also commented on the significance of the partnership with Qoo10, it stated that:
“This marketplace as a Korean e-commjerce company that is “the No. 1 shopping mall in Singapore, and has become a leader in Asian e-commerce markets such as Hong Kong, China and Indonesia.”
