South Korean E-Commerce Platform to Accept 12 Types of Cryptocurrency

South Korean E-Commerce Platform to Accept 12 Types of Cryptocurrency

You may not have heard of WeMakePrice, but the South Korean firm is one of the country’s largest e-commerce platforms. Last week, reports suggested that the online retail giant would be working to integrate 12 types of cryptocurrencies into its payment gateway for its products.

According to the Korea Herald, WeMakePrice is currently in discussions with Bithumb, South Korea’s largest cryptocurrency exchange, to create a system that can accept the likes of Bitcoin, Ethereum, Litecoin and a host of other digital currencies on their platform. Any integration would tie in with the company’s online payment service known as Wonderpay, with a launch date still to be confirmed.

Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients,” said a company spokesperson, speaking to HanKyoReh.

“We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods.”

WeMakePrice will collaborate with Bithumb to determine the price of any items to be purchased in real-time, with the market value sent by the cryptocurrency exchange to Wonderpay so customers will not suffer any confusion from potential fluctuations.

WeMakePrice's move is set to demonstrate the usability of cryptocurrencies. Image from behance.net/cjongwon

WeMakePrice’s move is set to demonstrate the usability of cryptocurrencies. Image from behance.net/cjongwon

With both companies agreeing not to sell gift certificates to prevent misuse, it appears that the parties involved are keen to err on the side of caution. This is key as South Korea’s government is yet to fully sanction cryptocurrencies, and even stirred up some anger among citizens after announcing plans to regulate cryptocurrencies late last year.

A right set of regulations will rather nurture the (virtual currency) market, and we would welcome that,” said Bithumb in an email to Reuters last December.

The significance of this collaboration between two of the country’s largest players in their respective industries should not be underestimated or downplayed, especially in a nation where there is high awareness and familiarity with cryptocurrencies. South Korea is one of the world’s most active cryptocurrency markets, and the successful adoption of such payments could provide a blueprint for similar collaborations between companies around the world.

Such advancements serve to highlight just how cryptocurrencies are slowly, but surely, creeping into the mainstream as accepted forms of payment. Although it is naïve to believe that it will become widely accepted as legal tender worldwide in the near future, the signs are promising that such a reality may not be so far away.

Cover image from cointelligence.com

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