South Korea’s Largest Cryptocurrency Exchange Partners BitPay

Bithumb, South Korea’s largest cryptocurrency exchange, has partnered with major cryptocurrency payment processor BitPay to facilitate international remittance payments. Sonny Singh of Bitpay, the chief commercial officer at BitPay, stated that the company is on track to process $4 billion worth of transactions in 2018, and the team is focused on allowing cryptocurrencies like bitcoin to be more accessible for casual users by assisting large-scale retailers to integrate cryptocurrencies as a payment method.

During an interview with CNBC, Singh announced that the company has partnered with Bithumb to target the $200 billion remittance industry by targeting payments between South Korea and the west. For many years, since 2014, several remittance-focused companies have attempted to utilize cryptocurrencies to process large sums of remittance payments, given the expensive fees and costs paid by both remittance senders and receivers when using existing remittance service providers like Western Union and Moneygram.


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