South korea’s biggest cryptocurrency exchange established yesterday a partnership with the e-commerce asian giant – Qoo10.
The partnership was created with the main purpose of providing a cryptocurrency payment service for the asian market. The partnership was officially announced by Bithumb on November 7th, 2018.
Qoo10 is a giant South Korean e-commerce company.
Formerly known as GMarket, Qoo10 have online marketplaces set in countries such as Singapore, Indonesia, Malaysia, China and Hong Kong. According to CGS-CIMB and Euromonitor statistics – Qoo10 Singapore captured 32.6% of Singapore’s e-commerce market share.
According to the press release, the partnership will try and expand the Bithumb cash payment service globally. It appears that the two companies have initially set up a contract in August and proceeded to work with the Qoo10 settlement service and the Bithumb Cache system.
The Bithumb Cache system allows Bithumb’s users to pay for a variety of groceries by using their cryptocurrency. Right now, the new partnership will allow users to purchase products from Qoo10 and pay for them using Bithumb Cache.
“The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.”
This is a small step for Bithumb, and a giant leap for cryptocurrency adoption. Qoo10 is one of the leading companies in the Asian markets. A successful implementation of cryptocurrency payments on this platform would easily increase the adoption rate of cryptocurrency in Asia.
And this is not all. Qoo10 was recently acquired by eBay for the total sum of $573 millions – increasing eBay’s global presence. If the payment system would turn out to work properly and people would use it, we could see eBay considering adding cryptocurrency in the future. Again, this is just a presumption – but its something they would consider if everything would work out.
Moreover, Amazon won’t surely be left behind; So probably we’d see them getting into cryptocurrency as well or creating their own cryptocurrency. One thing is certain, The Bithumb & Qoo10 partners is among the most important news in the 2018. The partnership can increase the adoption rate with at least 10% in the Asian markets.
This news came as a surprise, as just last week Bithumb partnered with SeriesOne – an U.S. fintech company that will help Bithumb create a securities token exchange in America.
Image source: Dollar Destruction