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   122

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 Issue Own Token

Token will be issued through the ICO, which will be held in Singapore
20 April 2018   109

One of the largest exchanges of South Korea, Bithumb plans to release its own token called Bithumb Coin. This is reported by the Cointelegraph.

According to his information, the token will be distributed through the ICO, which will be held in Singapore. Bithumb can not conduct a crowdsfunding campaign in Korea, because legislators banned such activities there last year.

We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary. Details such as the specific schedule and issue size have not been confirmed.
 

Bithumb Spokesman

Bithumb is not the first exchange that decided to launch its own token. In early 2018, the Huobi exchange announced the release of Huobi Token. Before it on a similar path decided to choose Binance and Kucoin.

As the experience of some projects, which Bithumb has now decided to join, the ban on ICO in South Korea did not give the desired results. Startups simply conduct their ICO in foreign jurisdictions, which is not a violation of the law. Previously, ICO conducted a Korean start-up ICON (ICX), officially distributed its tokens through Switzerland.