Bithumb cryptocurrency exchange has partnered with Korea Pay Service to facilitate the availability of major cryptocurrencies ter 6,000 physical outlets te the very very first half of the year and 8,000 by the end of the year. To note is that one of the most traded cryptocurrencies te South Korea is Ripple (XRP).
Looking at the trade volume of Bithumb, wij find out that the exchange is presently doing $642.Four Million te trade volume at the time of writing this. Of this $642.Four Million, the amount of Ripple (XRP) traded amounts to $95.6 Million which is 14.88% of the total amount traded vanaf day. This ranks Ripple spil the third most traded crypto asset on Bithumb which is ter turn ranked 6th on coinmarketcap.com.
Korea Pay Services on the other forearm, operates mobile bounty certificates and electronic payment transactions at overheen 200 franchises with 8,000 stores around S. Korea. Spil a result, the partnership will increase Ripple’s availability te the above mentioned 8,000 stores by the end of the year. The aim of the partnership is to create a user friendly cryptocurrency payment environment at the thousands of stores which include Sulbing, Todau, Cafe Droptop and Yankee Candle.
Also to note is the influence that South Korea has on the Crypto-verse despite onveranderlijk threat of regulation by South Korea officials. Earlier te the year, the South Korean traders had helped boost Ripple’s market capitalization from $40 Billion to $88 Billion. One explanation postulated to explain the active presence of South Koreans te crypto trading is the FOMO effect or Fear Of Missing Out. This then leads to speculation and a buying mania te the country.
With the planned availability of cryptocurrencies te the above mentioned stores, the Fear Of Missing Out will be no more since everyone can access cryptocurrencies at a physical location. Perhaps what might toebijten is the adoption of crypto te South Korea for the use te regular day to day payment of goods and services. This will te turn give cryptocurrencies some validation spil a welvoeglijk medium of exchange of goods and services.