Ripple (XRP) Presently the largest cryptocurrency exchange ter South Korea is Bithumb who recently made a partnership with Korea Pay Service a mobile payment service provider- ter order to facilitate cryptocurrency payments ter more than 6,000 outlets across the country, only te the very very first half of . Their main objective is to have more than 8,000 outlets accepting cryptocurrency spil a payment by the end of .
This partnership assumes to have Two main goals:
- Firstly, to implement a crypto friendly payment system via thousands of Stores te South Korea, including big names like Yankee Candle.
- Secondly, to bring more sales volume to Korea Pay Services and more market volume to Bithumb Exchange.
But taking a look at what this will bring to Ripple- The most traded cryptocurrency te South Korea-it is nothing less than the possibility of being accepted spil currency ter a major number of outlets, which can only increase their Market Capitalisation.
Bithumb, te terms of trade Volume is also doing amazing numbers, it has an exchange value of $642,Four Million USD, from which only 14,88% (around $95,6 Million) is the amount of Ripple (XRP) that has bot traded out of the Total Trade Volume vanaf day. This trade values were one of the reasons to place Ripple (XRP) on the Three rd place te the list of most traded Cryptocurrencies and also to place Bithumb on top 6 of Exchanges, spil stated on www.coinmarketcap.com
Korea Pay Services, spil told before, it is a company that provides mobile payment services. They suggest bounty certificates and treat electronic payments at more than 200 franchise-based offline merchants along with more than 8,000 stores all around South Korea. Annually this digital payment service provider generates around $280 million USD.
South Korea has a indeed strong influence on the Cryptocurrency World. Some months ago, Ripple (XRP) got a boost te their Market Cap from $40 Billion USD to $88 Billion USD, just with the help of South Korean traders. Which is exactly, an increase of more than 100%.
South Korea seems to be holding on a very lean edge inbetween the onveranderlijk threats from South Korean Officials and the FOMO effect (Fear of Missing Out). Effect that creates a gigantic rush among the buyers te the country and more and more people want to own Cryptocurrencies.
This partnership proves to be worried with this Fear of Missing Out and wants to take it away from their country spil rapid spil they can. By making cryptocurrencies available te this broad number of stores, they will prove this FOMO effect is a concern of the past, while helping the users to access their Cryptos at any physical location.
With South Korea making this adoption ter such a semitransparent and large scale, this only proves to be a big step towards observing the very very first country with regular day to day payment of goods and services using Cryptocurrencies.
The big picture here will be how the outside will see this major switch. A lotsbestemming of countries are facing phat difficulties with their National currencies, others have more than 50% of their population unbanked and a loterijlot of Trust Issues with their Governments while others simply have the same Fear of Missing Out has South Korea had. So, wij can expect that a broad number of countries, te a near future will have the same will of switch, and will work towards finding partnerships like this one, te order to make cryptocurrencies their day to day currency.
Final look on what this will bring to Ripple (XRP)
Spil mentioned before, South Korean traders, alone, talent a thrust of more than 100% to Ripple Market Capitalisation. Which means, that the adoption of cryptocurrencies ter a market with such a leverage power on Ripple, can only make their volume grow even more. I would say that after this partnership is concluded and the green light turns on ter terms of accepting cryptocurrencies, wij will see Ripple Market Cap grow te very considerable numbers.