Major South Korean E-Commerce Firm’s Integration of Cryptocurrencies Will Fuel Adoption
WeMakePrice, one of South Korea’s largest e-commerce platforms, will integrate 12 cryptocurrencies including bitcoin, Ethereum, EOS, Ripple, Qtum, and Bitcoin Cash to its existing payment application, to allow its consumers to pay for products using cryptocurrencies.
Local mainstream media outlets have reported that WeMakePrice will partner with Bithumb, the country’s largest cryptocurrency exchange to integrate all 12 cryptocurrencies listed on the exchange.
In the upcoming weeks, the two companies will work together to integrate Bithumb’s payment system into the existing infrastructure of WeMakePrice to ensure that consumers can seamlessly transact using cryptocurrencies.
The company’s spokesperson told HanKyoReh in an interview:
“Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods.”
WeMakePrice, headquartered in Seoul, is an influential e-commerce company and retailer in South Korea that has gained massive success by offering quick and cheap deals through its mobile applications.
The integration of cryptocurrencies by a company the size of WeMakePrice is expected to fuel the demand for cryptocurrencies by local investors, especially given the current state of the market.
In recent weeks the South Korean cryptocurrency market has faced several hindrances including the government’s decision to strictly regulate the sector and the abrupt decision from Kookmin Bank, the largest bank in the country, to stop offering virtual bank accounts to cryptocurrency exchanges, which are necessary for local trading platforms to operate.
Almost immediately after the decision was announced, six major banks including Shinhan Bank, the country’s second-biggest bank, announced that they will provide support to cryptocurrency exchanges. Consequently, the Korbit team stated:
“in order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018,” further emphasizing that both existing and new investors will only be able to trade using Shinhan Bank accounts.
WeMakePrice’s decision to integrate cryptocurrencies is the most positive piece of news from South Korea in recent weeks and is likely to please local investors. WeMakePrice is also the first major e-commerce platform to adopt cryptocurrencies in South Korea. As such, it is possible that competitors may also look to accept cryptocurrencies for their businesses to address the growing demand from South Korean investors.