Crypto Exchange Bithumb To Install Bitcoin ATMs In South Korea

Announcements, News | March 9, 2018 By:

South Korean crypto exchange Bithumb is planning to enter the ATM market by installing bitcoin ATMs in the country.

Bithumb, South Korea’s largest cryptocurrency exchange, has partnered with three kiosk manufacturers – Uno Space, TROS Systems, and IYU – to supply ATMs to different businesses, including small restaurants and cafes.

Bithumb will launch a new brand, called Touch B, for its bitcoin ATMs. The company said they aim to support small business owners through its bitcoin ATM installation, purportedly providing safety and convenience to business customers.

“The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rental services to small business owners,” Bithumb said in a statement. “We will continue to work in various industries based on the blockchain technology. We will continue to provide opportunities to provide total solutions for small businesses through our partnership.”

Bithumb has also partnered with Good Choice, a travel website with over 50,000 hotels, in order to accept several cryptocurrencies as a means of payment. Good Choice may support 12 cryptocurrencies including: bitcoin, Bitcoin Cash, Ripple, ether, Ethereum classic, EOS, Qtum, Monero, Litecoin, ZCash, Bitcoin Gold and Dash.

“Our partnership with the nation’s largest accommodation app has allowed Korea to join the global trend to see a greater use of cryptocurrency, and we are continuously discussing with various companies for a greater use of a simple and safe payment tool, cryptocurrency in Korea,” Bithumb said.

South Korea has one of the highest bitcoin trading volumes in the world. The government recently moved to ban the use of anonymous virtual accounts for trading in the country, but bitcoin and other cryptocurrencies continue to attract local investors.

South Korea’s cultural obsession with cryptocurrencies sparked the government’s concern for the financial and mental well-being of its citizens. It was reported that the country’s policymakers were charged with the task of deterring the growth of a new tribe of traders called “bitcoin zombies.”

In November 2017, Prime Minister Lee Nak-yeon expressed his worry that students could become involved in bitcoin trading, calling the practice “some serious pathological phenomenon.”