Bithumb to Bring Cryptocurrency Kiosks to South Korean Restaurants

Hottest New Crypto Listing On Major Exchanges
Hottest New Crypto Listing On Major Exchanges

Bithumb to Bring Cryptocurrency Kiosks to South Korean Restaurants

By Cameron Carpenter - min read
Updated 22 May 2020

Bithumb, South Korea’s largest cryptocurrency exchange, has announced plans to provide restaurants and cafes with digital currency kiosks.  This will allow customers to pay for their food with their virtual currency holdings on Bithumb.

The kiosk, called “Touch B,” is the result of a partnership between Bithumb and the kiosk manufacturers Tros Systems, IYU, and Unos Space.  The goal of this partnership is to give small food and beverage franchises the ability to cater to cryptocurrency-using clientele. While Bithumb itself will not be manufacturing the kiosk, it is probable that they will create the software used by the machines.

In a statement, Bithumb said,

“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.”

Bithumb will offer multiple different options to the businesses utilizing their kiosks, allowing the proprietors to choose the best service for their needs.  Bithumb will also be offering their kiosks for 10 percent less than the current going rate, to help smaller businesses afford their product.

Thanks to Bithumb’s password settlement service, Bithumb Cache, Bithumb costumers will be able to access their Bithumb accounts from these kiosks using their account passwords.

Bithumb recently partnered with one of the largest hotel booking services in South Korea, Good Choice, to allow the more than 50,000 hotels affiliated with the service to accept 12 different digital currencies.   

A Bithumb spokesperson said,

“Our partnership with the nation’s largest accommodation app has allowed Korea to join the global trend to see a greater use of cryptocurrency and we are continuously discussing with various companies for a greater use of a simple and safe payment tool, cryptocurrency in Korea.”

Various estimates have placed the number of active virtual currency traders in South Korea at over one million, suggesting a huge market that food service franchises have yet to tap into.

The South Korean government made headlines back in January when it announced that it would ban all anonymous cryptocurrency trading in the country.  The ban was enacted as part of a government crackdown on illegal uses of cryptocurrency, especially money laundering and tax evasion.  The rationale behind the ban was that if the anonymity factor of digital currency were removed, then only legal activities would take place in the space.

The South Korean government has been remarkably savvy in their dealings with cryptocurrency, and the ban on anonymous trading only serves to reinforce the notion that South Korean regulators see virtual currency as legitimate money, with the legitimate ability to boost their economy.  Hopefully, thanks to Bithumb, the food service economy in South Korea will receive a boost from the crypto-mania sweeping the small nation.