One of the biggest e-commerce platforms and malls in South Korea – WeMakePrice – is reportedly in talks about integrating directly with the Korean exchange Bithumb for cryptocurrency payments. They’re planning to integrate 12 different cryptocurrencies to start with – including Bitcoin, Ethereum and Ripple.
This is the first time for a major Korean shopping outlet to declare crypto-friendliness, which might prove to be the first real test for cryptocurrency as a means of payment instead of just speculative investment. The currencies will be integrated with Wimepey, a pre-existing settlement service already used by the mall.
The process will go through as soon as government policies and regulations on virtual money are confirmed. Let’s not forget that Korea recently announced a full-on ban on anonymous cryptocurrency trades and made it illegal for minors to use.
In the US, Overstock and Newegg have already added crypto payments, and Microsoft has returned the Bitcoin payment option as well after a short hiatus due to price volatility and too high fees. Still, the utility of cryptocurrencies as a payment method remains dubious until scaling issues are resolved.
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