Bithumb, the South Korean cryptocurrency exchange, has partnered with BitPay in the conditions of the increasing competition. The announcement was made on the 13th of March, but the advantages are already possible to be seen.
Now, the business will be able to convert invoices to bitcoin and the partner BitPay can settle them cheaper and faster, as it has some conventional bank channels that can be used for similar purposes.
The management of the exchange is planning, that cross-border payments between the West and Korea will reach an immense sum of 200 bln USD, just within this year.
Even though there are huge volumes traded and transferred, cryptocurrency market is still not too stable in the country to be reliable enough. Since December 2017, Korea has taken a number of measures to decrease the risks related to cryptocurrency, such as eliminating anonymous trading, foreign use of Korean exchanges and some other things that increased the security level enormously. Who knows, maybe the country will in the future replace Japan in the status of cryptocurrency hub, as many steps are being made in that direction.