Bithumb Launches Social Media Payment Platform

The SNS Pay platform will support payments on social media including social networking sites and blogs
10 April 2018   311

Bithumb is one of the largest exchanges in South Korea, which allows users to buy, sell, store Bitcoin and Ethereum, and offers additional services like remittances and gift vouchers.

According to the information published on Bitcoin.com, Bithumb is launching a peer-to-peer payment platform for social media. The platform entitled SNS Pay will support payments on social media including social networking sites and blogs.

SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media. In particular, [we are] implementing a system to allow payments with the same UI/UX and social media.
 

Bithumb Announcement

(credit: Bitcoin.com)

The SNS Pay platform should increase the payment convenience to lower transaction costs, and the customers can use the platform to buy popular on social media products without having to search for an online store that sells them.

Illustration provided by BithumbBithumb p2p platform

Previously, we have reported that special kiosks with the ability to accept payments in virtual currencies were planned to be installed in cafes and restaurants of Korea, and , in order to stimulate the adoption of the new concept, Bithumb was going to offer several options for the franchises, which you can read about here.

Bithumb to Expand to Thailand and Japan

Largest South Korean cryptocurrency exchange goes to new markets
16 July 2018   154

One of the largest crypto exchanges in South Korea, Bithumb is expanding to Japan and Thailand. Exchange is working to obtain regulatory approval of financial authorities in both jurisdictions. The new divisions are part of a larger scale plan for the global expansion of Bithumb, Bitcoin.com reports.

Bithumb is in talks with the Securities and Exchange Commission of Thailand. The company has already opened a division of Bithumb (Thailand) Company Limited with a registered capital of $ 90,000. 

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.
 

Bithumb 

Thailand has recently completed the development of a regulatory framework for the regulation of the cryptocurrency and ICO. Bithumb is developing a website for a new unit, which will launch trading in late October.

As for Japan, all companies wishing to provide cryptocurrency exchange services in this country are required to receive approval of the local financial regulator of the Financial Services Agency (FSA). In light of the Coincheck hack the FSA tightened supervision over the trading floors and complicated the process of their registration.

Nevertheless, Bithumb expects to receive the approval of the regulator and start trading in the Japanese market in February next year. The company also stated that it "plans to create a exchange with the support of the largest number of coins in Japan".

Earlier, Bithumb said that she was looking for partners for expansion at the world level. According to the exchange, it cooperates with foreign companies in an attempt to create faster and more effective platforms for traders from around the world.

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.
 

Bithumb 

According to Money Today, Bithumb also opened divisions in Singapore and the UK.