South Korean Crypto Exchange Bithumb Launches Payment Service with ‘Asian Amazon’ Qoo10

South Korea's leading virtual currency exchange Bithumb has partnered with Asian e-commerce giant Qoo10 to provide a cryptocurrency payment service, according to an official announcement Nov. 7.  

Qoo10, the so called “Asian Amazon,” is a leading South Korean e-commerce company in pan-Asian markets such as Singapore, Hong Kong, China, and Indonesia. The press release notes that the partnership will expand the Bithumb cash payment service as a global payment method.

The two companies initially signed a contract in August and proceeded to work with the Qoo10 settlement service and Bithumb Cache system. Introduced by Bithumb this spring, Bithumb Cache is a password settlement service that allows Bithumb customers to convert their funds to use for payments with their password, as Cointelegraph reported Mar. 10.

Through this new partnership, it will become possible to purchase products from Qoo10 and pay for them using the Bithumb Cache. Bithumb’s press release states:

"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.”

Earlier this summer, eBay, a global e-commerce platform, had acquired Qoo10 for the total sum of $573 million, with the aim of increasing eBay’s international presence.  

Last week, Bithumb partnered with U.S. fintech firm SeriesOne with the goal to open a securities token exchange in America, Cointelegraph reported Nov. 1.

According to CoinMarketCap, Bithumb is currently the number 76th crypto exchange, with a total 24 hour trade volume of more than $3,028 billion at press time.