Bithumb, the largest cryptocurrency exchange in South Korea, started cooperation with the operator of crypto-currency payments BitPay to facilitate international money transfers.
Commercial Director Bitpay Sonny Singh (Sonny Singh) said that in 2018, the company will reach a volume of transaction processing $ 4 billion. At the moment the team is focused on how to make cryptocurrencies more accessible to ordinary users by integrating them as a payment method.
During an interview on CNBC Singh announced that the company began to cooperate with Bithumb to work together in the industry of remittances. In particular, they plan to focus on making payments between South Korea and the West.
Starting in 2014, several companies focused on remittances, tried to use cryptocurrencies for processing large amounts, given the high commissions paid as senders and receivers using such money transfer systems as Western Union and Moneygram.
Singh said that the partnership between Bithumb and BitPay will allow users to make cross-border payments with the Commission in 1% and guaranteed for the term of the transfer in 1 day.
«We’re trying to make it so that people can transfer money cheaper and faster. Now somebody from South Korea to pay the bill for a million dollars in the United States using Bithumb to buy bitcoins and to use them for that purpose, and BitPay will process the account and settle it in US dollars the following working day,» explained Singh.
Bithumb also beginning to establish cryptomate in South Korea to allow any person in the country easy buy and sell the cryptocurrency.