South Korea's largest cryptocurrency exchange Bithumb yesterday announced a partnership with Asian e-commerce giant Qoo10 to create a cryptocurrency payment system for the Asian market.
Similar to GMarket or China's Aliexpress, Qoo10 has online marketplaces spanning Singapore, Indonesia, Malaysia, China and Hong Kong. According to statistics from CGS-CIMB and Euromonitor, Qoo10 Singapore has already captured 32.6% of the e-commerce market share in Singapore. Providing a new payment system to Qoo10 customers will strengthen the company's position.
Bithumb, in turn, will try as a result of this partnership to expand the payment system through Bithumb around the world. It seems that the two companies began their cooperation back in August and tested the compatibility of the Qoo10 settlement service and the Bithumb Cache system.
The Bithumb Cache service allows you to pay for various products using crypto assets stored directly on the exchange. Thanks to this cooperation, users will have the opportunity to pay for goods purchased on Qoo10 through Bithumb Cache.
This is a big step for Bithumb and a huge leap for cryptocurrency adoption in the Asian region. Qoo10 today is one of the leading companies in the market and the successful implementation of a cryptocurrency payment system on this platform will easily increase the rate of adoption of cryptocurrency in Asia.
Qoo10 itself was recently acquired by eBay for a deal valued at $573 million, which significantly increased eBay's global presence. If the payment system works and wins the trust and popularity of users, then experts predict the addition of cryptocurrency to eBay in the future.
What's more, Amazon certainly won't be left behind. Therefore, there is a high probability that Amazon will join the cryptocurrency space by finding worthy partners or creating its own cryptocurrency payment system.
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