Home / Archive / South Korea’s Largest E-Commerce Platform is Integrating 12 Cryptocurrencies Including Bitcoin

South Korea’s Largest E-Commerce Platform is Integrating 12 Cryptocurrencies Including Bitcoin

Last Updated March 4, 2021 5:04 PM
Joseph Young
Last Updated March 4, 2021 5:04 PM

WeMakePrice, better known as Wemepu, one of South Korea’s largest e-commerce platforms, is integrating 12 cryptocurrencies including bitcoin, Ethereum, and Litecoin in collaboration with Bithumb, the country’s largest cryptocurrency exchange.

First Major Retailer and E-Commerce Platform in South Korea

According to local mainstream media outlets, WeMakePrice is cooperating with Bithumb on adding cryptocurrencies to its existing payments platform OneThePay. Once the integration is complete, existing WeMakePrice users will be able to purchase items and services using cryptocurrencies.

While Bithumb is leading the integration process of various cryptocurrencies into the system of WeMakePrice, users do not have to be registered with Bithumb to use cryptocurrencies on the WeMakePrice platform. Since cryptocurrencies will be integrated into its existing infrastructure, users can pay for goods using the same application.

In an interview with South Korean mainstream media outlet HanKyoReh, a WeMakePrice spokesperson stated that the company has come to the decision of integrating cryptocurrencies as a part of a larger initiative to ease the payment process for general consumers.

“Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods,” said the spokesperson.

Another mainstream media outlet reported  that the integration of cryptocurrencies by WeMakePrice is the first case in which a major e-commerce platform or retailer have decided to offer cryptocurrencies as a primary payment option to users.

In previous reports, CCN.com reported that the majority of South Korean investors and businesses in the local cryptocurrency market have started to demonstrate optimism towards the long-term growth of the sector due to the government’s decision to regulate the market.

The integration of cryptocurrencies by WeMakePrice show the enthusiasm towards the local cryptocurrency sector by many of the largest conglomerates in the country in various sectors.

Increasing Adoption

Yesterday, on January 28, it was reported that Japan’s largest consumer electronics retailer has begun to trial bitcoin payments. Yamada, which has become one of the two leading retailers in Japan apart from Bic Camera to integrate cryptocurrencies, partnered with Japanese cryptocurrency exchange BitFlyer.

The company’s official statement translated by Bitcoin.com read: 

“We will implement initiatives to improve bitcoin recognition and usage promotion. With the introduction of bitcoin payment service, we respond to the diverse needs of our customers both in Japan and overseas. We believe that we can provide improved service and convenience.”

This week, CCN.com reported that Starbucks chairman Howard Schultz claimed bitcoin cannot be a legitimate currency if retailers and major conglomerates are not willing to embrace it. In Japan, bitcoin is accepted by the country’s largest budget airline Peach, budget hotel chain Capsule, retailers Bic Camera and BitFlyer.

In South Korea, nearly every major conglomerate such as $10 billion NXC and leading Telecom SKT have significant stake in cryptocurrency businesses, and retailers have started to eye cryptocurrency integration.

As the adoption of major cryptocurrencies like bitcoin and Ethereum grows, the entire cryptocurrency market will appeal to general consumers in the upcoming months.

Featured image from WeMakePrice.