Giant cryptocurrency exchange, Bithumb, has partnered with Bitpay, a universal bitcoin payment service provider ter order to facilitate común remittance payments.
According to Sonny Singh, the chief commercial officer at BitPay, the company is well on track to process $Four billion worth of transactions ter . The Bitpay team is also focused on permitting cryptocurrencies such spil Bitcoin to be lightly accessed by casual users. This will be achieved if large-scale retailers are assisted to integrate cryptocurrencies spil a payment method.
Singh also announced that Bitpay has partnered with Bithumb te a bid to target $200 billion remittance industry. This is going to be possible if payments inbetween South Korea and the westelijk are tapped into by partnering with Bithumb.
It is common skill that there have bot high costs of paid by both remittance senders and receivers when using existing remittance service providers like Película del Oeste Union and MoneyGram. Spil a result of this, many remittance-focused companies have attempted to make use of cryptocurrencies to process large sums of remittance payments.
There is also the punt of delays and inconveniences that are associated with traditional remittances facilities. This is more profound when rural areas where thesis facilities are non-extent and users have to travel far and broad te search of thesis services when funds are remitted to them.
According to Singh, the Bithumb-Bitpay partnership will be beneficial since it will only permit users to process cross-border payments with a 1 procent toverfee and a assured settlement time of 1 day.
To make matters better, Bithumb is already te the process of rolling out ATMs across South Korea ter order to permit any individual within the country to lightly purchase and sell cryptocurrencies, also easing the process of sending remittance payments with cryptocurrencies.