Korean catering offers crypto-payment option

Special kiosks with the ability to accept payments in virtual currencies are planned to be installed in cafes and restaurants of Korea
12 March 2018   124

South Korea largest cryptocurrency exchange is planning to launch a special service for Korean food and beverage franchises. In order to reach the customers that deal with virtual currencies, Bithumb partnered with kiosk manufacturers Tros Systems, IYU and Unos Space. The purpose - designing and installing digital currency kiosks into cafes and restaurants. With the special software for the kiosks by Bithumb, clients will be able to pay for their food with their cryptocurrency on the exchange. Potential kiosk users will be able to easily access their accounts with just the password because the machines will be equipped with Bithumb Cache - a password settlement service.

The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rental services to small business owners.  We will continue to work in various industries based on Blockchain technology. We will continue to provide opportunities to provide total solutions for small businesses through our partnership.


Excerpt from Bithumb statement

In order to stimulate the adoption of the new concept, Bithumb is going to offer 2 options for the franchises: first, service packages for businesses to choose from in order to get the best match to their needs; and second, a discount of 10% for the catering companies with the intention to help this area of small business afford the product. Estimates indicate over 1 mln cryptocurrency holders in Korea suggesting a gigantic open market for food service providers have yet to set foot into.

Earlier, a similar precedent was spotted in Japan.

Bithumb Restored New User Registration

Starting from February 9, users can confirm their accounts through the Nonghyup Shinhan bank
09 February 2018   148

South Korean Exchange Bithumb began registering new traders after the integration of the user identification "know-your-customer" system  (KYC) in accordance with the requirements of the law.

Bithumb reports that starting from February 9, investors can confirm their accounts through the bank Nonghyup. Verification through the bank Shinhan is also carried out.

The integration of the new system on the Bithumb exchange was carried out 10 days after the entry into force of the new rules, according to which anonymous trade in crypto-currencies in South Korea was banned. The Financial Services Commission (FSC) demanded that all exchanges of the country introduce a procedure for identifying real names of traders through bank accounts.

Banks, in turn, pledge to stop opening virtual accounts used for anonymous trading.

At the same time, not all exchanges were able to switch to a new system. Some of them use corporate accounts and independently verify users, which allows them to do the law while others have been forced to suspend trading.

According to the Yonhap edition, banks have the right to refuse to serve small and medium-sized exchanges with crypto currency and work only with large sites, such as Bithumb, Upbit, Coinone and Korbit.