Update: Is there actually a Bithumb and WeMakePrice partnership?
A total of 12 different coins will be accepted, with values calculated at the point of sale.
Another news article has come out, reportedly quoting a WeMakePrice representative who has quashed the rumours of a potential partnership.
According to the new article, Yonhap News' reports of a partnership were simply a proposal from a cryptocurrency exchange, and an investigation into the challenges of accounting for cryptocurrency's volatility at the point of sale. The second news article suggests that the WeMakePrice official declined the partnership, and rejected the proposal.
In short, take it all with a grain of salt, and ideally look for an official confirmation or denial from either Bithumb or WeMakePrice.
Bithumb, one of South Korea's largest cryptocurrency exchanges, has partnered with Korean online retailer WeMakePrice to let fill their carts and pay with cryptocurrency, reports Yonhap News.
12 cryptocurrencies are expected to be available for shopping. Although only bitcoin, Ethereum and Ripple have been named, Yonhap points out that it's reasonable to assume the remaining 9 will be the others that are also listed on Bithumb. The full list of supported currencies is likely to be:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Qtum (QTUM)
- Dash (DASH)
- Ethereum Classic (ETC)
- Bitcoin Cash (BCH)
- Monero (XMR)
- ZCash (ZEC)
- Bitcoin Gold (BTG)
- EOS (EOS)
To deal with price fluctuations, it will be using the WeMakePrice "WonderPay" system which simply carries out transactions on the spot and almost immediately, at current market price. The plans are well underway according to Yonhap, with the actual release of the billing system to be implemented as soon as certain South Korean regulations on virtual money are clarified. Other issues have seen fairly prompt resolution, so it's possible shoppers won't have to wait too long.
Despite the popularity of cryptocurrency in South Korea, it's reportedly seen little use as an actual payment method, other than a few small retailers. Once it goes live WeMakePrice will be one of the largest retailers in Korea to accept cryptocurrency, with a checkout system and partnership scheme that others might look to emulate.
- Craig Wright on SPV: “I’m sick of people not getting it”
- Craig Wright: “Banks aren’t the enemy”
- Craig Wright talks bitcoin dumping and explains malleation in plain English
- Opinion: Razer’s cryptocurrency mining scheme is utterly unethical
- Basis stablecoin shuts down, being unable to avoid security status