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South Korea’s Largest Hotel Booking Platform Will Accept Cryptocurrency

Last Updated March 4, 2021 5:05 PM
Joseph Young
Last Updated March 4, 2021 5:05 PM

Yeogi Eottae, a major South Korean hotel booking platform which translates to “How is This Place?,” has partnered with the country’s largest cryptocurrency exchange to integrate cryptocurrency.

Major Partnership

As Bithumb has done with other retailers like WeMakePrice, a leading e-commerce platform in South Korea well known for its timely deals and discounts, the Bithumb team will likely enable the hotel booking platform to integrate all of the cryptocurrencies listed on the Bithumb platform including bitcoin, Ethereum, Litecoin, EOS, Bitcoin Cash, Ripple, and more.

TokenPost, a local cryptocurrency-focused media outlet overseen by EconoTimes, revealed that  Bithumb has announced its strategic partnership with the hotel booking platform on March 6.

Bithumb spokesperson stated that its partnership with the hotel booking platform will allow South Korea to begin following the trend established by Japan and the US in adopting cryptocurrencies like bitcoin as a payment method and medium of exchange. The spokesperson further emphasized that businesses within South Korea are trying to make cryptocurrency transactions as easy as cash payments.

The statement released by Bithumb spokesperson translated at CCN.com read:

“Through the formation of a strategic partnership between Bithumb and South Korea’s largest hotel booking platform Yeogi Eottae, South Korea will now be able to follow the global trend of utilizing cryptocurrencies as a proper payment method. Bithumb and Yeogi Eottae are discussing ways to efficiently process cryptocurrency transactions to ensure that spending cryptocurrencies is as easy as spending fiat money or cash.”

Already, South Korea’s two largest retailers in Yeogi Eottae and WeMakePrice have partnered with Bithumb to integrate cryptocurrencies and process payments in major cryptocurrencies like bitcoin and Ethereum.

The integration of cryptocurrencies by online applications and platforms widely utilized by casual users and consumers will lead to a drastic increase in cryptocurrency adoption, especially if the two companies work closely with Bithumb to provide special offers to users utilizing cryptocurrencies.

Increase in Adoption

Expectedly, the demand for cryptocurrencies fell in South Korea after a major market correction occured in January, and as the price slumped throughout February and March. The decline in demand is evident in the Kimchi Premium, which is virtually nonexistent at this point.

But, cryptocurrencies have penetrated into the mainstream in South Korea, and almost every consumer within the country is aware of cryptocurrencies, especially bitcoin. The rise in awareness of cryptocurrencies place the market in a unique position to grow rapidly in the region.

If the cryptocurrency market recovers in the next few months to its previous levels, demand for cryptocurrencies will inevitably rise, and the awareness of cryptocurrencies in South Korea would be stronger than before, given that significantly more people would have heard about cryptocurrencies in a few months time than early 2018.

Several companies are also cooperating with restaurants, cafes, and food franchises to distribute cryptocurrency ATMs and kiosks across the country, to provide an easier and simpler method for casual users and newcomers to purchase and sell cryptocurrencies without undergoing rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) verification.

Featured image from Shutterstock.