WeMakePrice, one of South Korea’s largest e-commerce platforms, will add support for 12 cryptocurrencies — including Bitcoin, Ethereum, EOS, Ripple, Qtum, and Bitcoin Cash — to its existing payment application, enabling customers to pay for purchases with digital assets.
According to local media reports, WeMakePrice will partner with Bithumb, the country’s largest cryptocurrency exchange, to integrate all 12 coins listed on the exchange into its payment system.
In the coming weeks, the two companies will collaborate to connect Bithumb’s payment infrastructure with WeMakePrice’s platform, ensuring a seamless experience for consumers who choose to transact with cryptocurrencies.
The company spokesperson told HanKyoReh in an interview:
“Integrating cryptocurrencies is part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, loyalty points, and cryptocurrencies as efficient payment methods.”
Headquartered in Seoul, WeMakePrice is a major e-commerce company and retailer in South Korea, known for offering fast, discounted deals through its mobile applications.
Acceptance of cryptocurrencies by a retailer of WeMakePrice’s scale could boost interest and demand among local investors and consumers, particularly given recent market developments.
Over the past weeks, South Korea’s cryptocurrency market has faced several challenges, including the government’s decision to implement stricter regulations on the sector and Kookmin Bank’s abrupt move to stop providing virtual accounts to cryptocurrency exchanges — accounts that local trading platforms rely on to operate in Korean won (KRW).
Following Kookmin Bank’s announcement, six major banks, including Shinhan Bank (the country’s second-largest bank), indicated they would continue supporting cryptocurrency exchanges. Korbit later stated:
“In order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018,” adding that both existing and new investors will only be able to trade using Shinhan Bank accounts.
WeMakePrice’s move to accept cryptocurrencies represents some of the most positive news for the South Korean crypto community in recent weeks and is likely to be welcomed by local investors. As the first major e-commerce platform in the country to adopt cryptocurrency payments, WeMakePrice may prompt competitors to consider similar integrations to meet growing demand from South Korean consumers and traders.