South Korea’s Largest Hotel Booking Platform Will Accept Cryptocurrency

South Korea’s Largest Hotel Booking Platform Will Accept Cryptocurrency

Yeogi Eottae, a major South Korean hotel booking platform which translates to “How is This Place?,” has partnered with the country’s largest cryptocurrency exchange to integrate cryptocurrency.

As Bithumb has done with other retailers like WeMakePrice, a leading e-commerce platform in South Korea well known for its timely deals and discounts, the Bithumb team will likely enable the hotel booking platform to integrate all of the cryptocurrencies listed on the Bithumb platform including bitcoin, Ethereum, Litecoin, EOS, Bitcoin Cash, Ripple, and more.

TokenPost, a local cryptocurrency-focused media outlet overseen by EconoTimes, revealed that Bithumb has announced its strategic partnership with the hotel booking platform on March 6.

Bithumb spokesperson stated that its partnership with the hotel booking platform will allow South Korea to begin following the trend established by Japan and the US in adopting cryptocurrencies like bitcoin as a payment method and medium of exchange. The spokesperson further emphasized that businesses within South Korea are trying to make cryptocurrency transactions as easy as cash payments.

The statement released by Bithumb spokesperson translated at CCN read:

Already, South Korea’s two largest retailers in Yeogi Eottae and WeMakePrice have partnered with Bithumb to integrate cryptocurrencies and process payments in major cryptocurrencies like bitcoin and Ethereum.

The integration of cryptocurrencies by online applications and platforms widely utilized by casual users and consumers will lead to a drastic increase in cryptocurrency adoption, especially if the two companies work closely with Bithumb to provide special offers to users utilizing cryptocurrencies.

Expectedly, the demand for cryptocurrencies fell in South Korea after a major market correction occured in January, and as the price slumped throughout February and March. The decline in demand is evident in the Kimchi Premium, which is virtually nonexistent at this point.

But, cryptocurrencies have penetrated into the mainstream in South Korea, and almost every consumer within the country is aware of cryptocurrencies, especially bitcoin. The rise in awareness of cryptocurrencies place the market in a unique position to grow rapidly in the region.

If the cryptocurrency market recovers in the next few months to its previous levels, demand for cryptocurrencies will inevitably rise, and the awareness of cryptocurrencies in South Korea would be stronger than before, given that significantly more people would have heard about cryptocurrencies in a few months time than early 2018.

Several companies are also cooperating with restaurants, cafes, and food franchises to distribute cryptocurrency ATMs and kiosks across the country, to provide an easier and simpler method for casual users and newcomers to purchase and sell cryptocurrencies without undergoing rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) verification.

Featured image from Shutterstock.

09.03.2018 / 06:24 148
Bithumb Launching Kiosks at Restaurants for Food Orders and Crypto Payments in Korea Bithumb Launching Kiosks at Restaurants
Korean crypto exchange Bithumb is entering the retail kiosk business to accelerate crypto adoption in the country. These order-taking and payment
South Korean Travel Site with Over 50,000 Hotels to Accept 12 Cryptocurrencies South Korean Travel Site with Over
A South Korean travel website with over 50,000 hotels and other types of accommodation facilities will begin accepting 12 cryptocurrencies, thanks to
South Korea’s Largest Messaging App Plans Blockchain Unit with ICO Launch South Korea’s Largest Messaging App
Kakao Corp, operator South Korea’s largest messaging platform KakaoTalk, is set establish a subsidiary focused on blockchain technology coinciding
Korea’s Mandatory Crypto Real-Name System Neglected – 19% Conversion Rate Korea’s Mandatory Crypto Real-Name
South Korea’s real-name system for cryptocurrency trading has been enforced for over a month, but most accounts have not been converted to the new
Lockchain to Dramatically Expand in Early March Lockchain to Dramatically Expand in
Unless you have been living under a rock, you’ve seen Lockchain’s project mentioned on most news outlets. If you haven’t yet then you should
South Korean Bank Trials Ripple for Overseas Remittances South Korean Bank Trials Ripple for
South Korea's Woori Bank has reportedly completed a cross-border remittance test using the distributed ledger technology (DLT) developed by San
Comments (0)
Add a comment
Comment on