Bithumb making big announcements
Already on Track to do $4 Billion in Payments in 2018
South Korean crypto exchange giant, Bithumb made two big announcements in March. First, they revealed a partnership with Bitpay to take a bite out of the $200 billion cross-border payments market. They are already on track to do $4 billion in payments in 2018. Instead of going through traditional means, where you would typically pay a 4% fee, and take four days to send and receive the payment, BitPay (in partnership with Bithumb) will cut that down to 1% and one day to resolve the transfer of funds.
How would they do this? BitPay and Bithumb convert fiat currency to Bitcoin then back again to fiat on the receiving end, saving clients major money and time.
In a CNBC interview BitPay chief commercial officer Sonny Singh was asked if BitPay and Bithumb were worried about new regulations looming. Singh said that “We welcome regulation, we work with government agencies all the time…I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”
Western Union, who currently occupies this space along with MoneyGram and Ria, is not taking a back seat in this, and had already announced they will be looking to partner with Ripple to utilize the Blockchain to keep pace with the fast changing market.
Then on Friday, Bithumb and a mobile payment service provider, Korea Pay Services, announced they will work together to make virtual currencies available at thousands of outlets in South Korea. Starting at around 6,000 outlets to possibly 8,000 by the end of the year. Places like Cafe Sulbing, Cafe Droptop, seafood buffet restaurant Todai, and candle store Yankee Candle, as reported by The Korea Times article.
With all the new developments in Crypto lately the up, down, up down, sideways drift in the market is sure to be coming to an end, and should change to a buy and hold market. If you are invested or looking to be, this must be sweet music to your ears. Let us know in the comments what you think about this development!
Author: Steven Johnson