Bitcoin, Cryptocurrency And Blockchain News

Cryptocurrency Exchange Bithumb Prepares to Launch Kiosks in South Korea


Bithumb, one of South Korea’s largest cryptocurrency exchanges, is launching the “Touch B” brand for installing kiosks in cafes, restaurants and other small eateries. These stand-alone booths will allow users to order and pay for food without waiting in long lines. According to Zdnet Korea, Bithumb elaborated, “The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rents to small business owners. We will continue to work in various industries based on the blockchain technology…to provide total solutions for small businesses through our partnership.”

Bithumb partnered up with three kiosk manufacturers Unos Pay, Tros Systems, and I’m U last month. Details regarding the software have not yet been released but it is stated that the exchange will charge a lower rental free for kiosks, “This will help SMEs [small and medium-sized enterprises] reduce costs, increase sales and provide efficient store operations.”

Bithumb is also planning to launch ‘Bithumb Cache’, which will allow users to convert funds within the exchange by using a password protected service at kiosks. Currently, the exchange stores and exchanges Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Dash, Monero, Ethereum Clasic, Qtum, Bitcoin Gold and Zcash.

Previous Partnerships

In Jan. 2018, South Korea’s shopping mall WeMakePrice joined hands with Bithumb to accept payments in cryptocurrencies. The exchange also partnered up with travel website Good Choice as explained by the team, “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.”

Bithumb is also one of the exchanges which adopted new rules laid down by the South Korean government. According to Financial Supervisory Service (FSS), exchanges must collaborate with banks – in Bithumb’s case, it partnered up with Nonghyup and Shinhan Bank. They must also create a real-name cryptocurrency trading system, which requires the customers to use their real name in cryptocurrency transactions.