Bithumb cryptocurrency exchange has partnered with Korea Pay Service to facilitate the availability of major cryptocurrencies in 6,000 physical outlets in the first half of the year and 8,000 by the end of the year. To note is that one of the most traded cryptocurrencies in South Korea is Ripple (XRP).
Looking at the trade volume of Bithumb, we find out that the exchange is currently doing $642.4 Million in trade volume at the time of writing this. Of this $642.4 Million, the amount of Ripple (XRP) traded amounts to $95.6 Million which is 14.88% of the total amount traded per day. This ranks Ripple as the third most traded crypto asset on Bithumb which is in turn ranked 6th on coinmarketcap.com.
Korea Pay Services on the other hand, operates mobile gift certificates and electronic payment transactions at over 200 franchises with 8,000 stores around S. Korea. As a result, the partnership will increase Ripple’s availability in the above mentioned 8,000 stores by the end of the year. The aim of the partnership is to create a user friendly cryptocurrency payment environment at the thousands of stores which include Sulbing, Todau, Cafe Droptop and Yankee Candle.
Also to note is the impact that South Korea has on the Crypto-verse despite constant threat of regulation by South Korea officials. Earlier in the year, the South Korean traders had helped boost Ripple’s market capitalization from $40 Billion to $88 Billion. One explanation postulated to explain the active presence of South Koreans in crypto trading is the FOMO effect or Fear Of Missing Out. This then leads to speculation and a buying mania in the country.
With the planned availability of cryptocurrencies in the above mentioned stores, the Fear Of Missing Out will be no more since everyone can access cryptocurrencies at a physical location. Perhaps what might happen is the adoption of crypto in South Korea for the use in regular day to day payment of goods and services. This will in turn give cryptocurrencies some validation as a proper medium of exchange of goods and services.