South Korea’s largest e-commerce platform WeMakePrice is considering to add 12 cryptocurrencies including Bitcoin, Ethereum, Litecoin on its online payment service, Wonderpay in collaboration with the country’s largest cryptocurrency exchange Bithumb.
The integration will be completed as soon as the South Korean government settles regulations on cryptocurrency exchanges. Once virtual currencies are added to the platform, customers will be able to pay for their purchases via cryptocurrencies.
Starbucks chairman said bitcoin (and other cryptos) is not a legitimate currency because its not being adopted by retailers.
This week, one of South Korea’s largest e-commerce platforms and Japan’s largest consumer electronics retailer have started to integrate cryptocurrencies.
— Joseph Young (@iamjosephyoung) 29 January 2018
Although WeMakePrice aka Wemepu is collaborating with Bithumb, customers will not have to be registered with the exchange to be able to shop from WeMakePrice. Whereas, Bithumb users will make orders using the exchange which will finalize their order according to the real-time price and will immediately send it to WeMakePrice to avoid price fluctuations. The coins that are going to integrate include:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
To prevent illegal use, both Bithumb and WeMakePrice have agreed to prohibit the purchase of gift certificates on the e-commerce site.
The retailer said that it wants to introduce virtual currencies on its platform in order to make it easier for customers to pay without going through banks and credit card companies.
“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,” said a WeMakePrice spokesperson in an interview with a local media outlet.
This is the first time that a major e-commerce platform has decided to launch a cryptocurrency-based payment system, according to another media outlet.
This is yet another example of the enthusiasm towards cryptocurrency in South Korea as we’ve seen several other major companies from all sectors to take interest in virtual currencies. Corporations like the $10 billion NXC and Telecom SKT hold considerable stakes in cryptocurrency companies.
While governments seem to be suspicious towards cryptocurrencies, global IT companies are widely inclining towards the cryptomarket.
Recently, Amazon bought three crypto related domain names which is an indication that the company might soon offer cryptocurrencies as a payment option.
Reportedly, Japan’s largest consumer electronics retailer, Yamada, has started to test Bitcoin payments in partnership with a cryptocurrency exchange, BitFlyer. Some of the major conglomerates in Japan have accepted Bitcoin, including Peach, Japan’s largest budget airline, retailer Bic Camera and hotel chain Capsule.
Last month, another e-commerce corporation, eBay, noted that it is “seriously considering” to accept Bitcoin.
According to a recent CNN report, Howard Schultz, Chairman Starbucks claimed that Bitcoin will not be a legitimate currency without the support of major retailers and conglomerates.