Bithumb to start new crypto payment service this year

Bithumb, one of the largest cryptocurrency exchanges in Korea, is gearing up to enable consumers to use cryptocurrencies for payments at offline stores.

The exchange announced on Monday that it signed an agreement with Korea Pay’s Service, which runs digital payment services and a mobile gift card platform. They plan to create a payment system where shoppers can pay with their cryptocurrencies.

Based on the agreement, shoppers will be able to buy products at about 6,000 stores from brands such as Cafe DropTop, Yankee Candle and Sulbing, one of Korea’s most popular dessert shops.

Bithumb and Korea Pay’s Service will start a pilot version of the service in the first half of the year and plan to expand the number of shops that accept the payment system to 8,000 by the end of the year.

By Choi Hyung-jo