Goto Mall accepts Bitcoin

Goto Mall, the largest underground shopping mall in South Korea, has partnered with a local cryptocurrency exchange to let its 620 stores to accept bitcoin
27 November 2017   577

Goto Mall which is also known as Gangnam Terminal Underground Shopping Center recently announced that it will start accepting bitcoin. The company has entered into a partnership with a local cryptocurrency exchange HTS Coin. The exchange, which opened last month, has created a smart payment system using cryptocurrencies and has recently launched a mobile app.

Customers will be able to pay with bitcoin at the mall’s 620 stores by mid-December.

I think it is very meaningful to be able to settle the bitcoin used by foreigners and young people at Goto Mall.

 

Chung Gwi Yeon

CEO, Goto Mall

The mall currently has an estimated 500,000 visitors per day, however, the mall’s foot traffic is expected to increase significantly due to its surrounding area being renovated to increase customer base.

The mall had previously tried to apply bitcoin as a payment option. However, store owners often lost their passwords and could not use the coins, the HTS Coin system rule out this possibility. Bitcoin will be offered alongside other payment methods accepted by the mall such as cash, credit card, and Alipay.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   128

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.