The Bithumb cryptocurrencies exchange, the second largest in South Korea, will launch a platform of peer2peer (p2p) payments for social networks, which could be called SNS Pay, and which will offer services to share, bill, and market products registered in social networks and blogs.
The information was disseminated through NextGen Systems and explains that the new platform will allow you to buy products directly on social networks, without having to search for an online store. In this regard, an unidentified spokesperson from Bithumb told that one of the objectives was to significantly increase the conversion rate that leads to the purchase, in addition to reducing transaction costs.
In parallel, in partnership with Wincube Marketing, a Korean e-commerce site offering coupon services, the company announced that it will sell 12,500 types of mobile coupons of 600 brands.
The coupons will be offered through gift certificates so that customers can use their cryptocurrencies or the Korean Won to buy.
The Bithumb plan, according to the publication, is to increase awareness that cryptocurrencies can be used as real money and not only as an investment, which is consistent with what seems to be one of the main goals of Bithumb in order to facilitate greater adoption, knowledge, and use of cryptocurrencies in South Korea.
Consequently, the Bithumb cryptocurrencies exchange has taken several initiatives
The most recent is the integration into 6,000 new points of sale of cryptocurrencies, as well as the alliance with Bitpay to process international payments with the United States, including the launch of a line of kiosks and ATMs that work with cryptocurrencies assets.
Bithumb is one of the largest exchange operators in South Korea and is currently offers the possibility to exchange 15 cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Tron (TRX), Litecoin (LTC), Monero (XMR), among others.
It should be noted that South Korea is one of the countries with the highest proportion of active users in terms of the use of both social networks and cryptocurrencies. 84% of the South Koreans are active in social networks, according to Statista data, and more than 40% of the adults are familiar with the concepts of cryptocurrencies and blockchain technology.
South Korea is a booming market, which grew more than 8 times between 2016 and 2017, generating an increase both in the number of cryptocurrencies exchange operators and in their profits.
Now Bithumb takes initiative to introduce a peer2peer (p2p) payment platform for social networks to ease up the cryptocurrencies acceptance and usage.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.