Bithumb, the largest cryptocurrency exchange in South Korea, is set to bring bitcoin ATMs to cafes and restaurants. The move will allow small businesses to tap into the purchasing power of more than a million cryptocurrency traders in South Korea while also making it easy for cryptocurrency users to easily purchase food items using their own digital currency holdings on Bithumb.
The “Touch B” kiosk is the product of Bithum’s partnership with kiosk manufacturers IYU, Tros Systems, and Unos Space. Bithumb spoke to ZDNet Korea to explain its reason for getting into the kiosk business: “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 the blockchain technology. We will continue to provide opportunities to provide total solutions for small businesses through our partnership.”
Businesses will have the option to choose from numerous services that will best serve their needs. Bithumb will similarly offer kiosks at 10 percent less than its current rate in order to make it easy for small businesses to acquire the kiosks. Customers will have no difficulty accessing their Bithumb accounts due to Bithumb’s own cache and password settlement service.
Besides restaurants and cafes, Bithumb also partnered with Good Choice – one of South Korea’s largest hotel booking service. The move will see more than 50,000 Bithumb-affiliated hotels accept twelve different kinds of digital currencies. Bithumb is looking into joining the worldwide trend of using cryptocurrency as a payment tool that is simple and safe to use anytime, and anywhere.
South Korea’s embrace of cryptocurrencies has caused the government to ban all anonymous digital currency accounts – a move that has contributed to the idea that regulators in South Korea see the huge potential of digital currency to be used as legitimate money that can authentically boost South Korea’s economy. Estimates show that South Korean housewives and youths trade digital currencies actively.