Crypto Exchange Bithumb Teams With BitPay For Remittance Service
Bithumb, South Korea’s largest cryptocurrency exchange, has teamed with blockchain payments technology platform BitPay to facilitate international remittance payments.
During an interview with CNBC, BitPay chief commercial officer Sonny Singh said the partnership would enable businesses in South Korea to issue invoices in bitcoin and get settled through BitPay. He said he expects cross-border payments between Korea and the West to hit a record high of $200 billion this year.
Singh stated that partnership would allow users to process cross-border payments with a 1 percent fee and a guaranteed settlement time of 1 day.
“We’re trying to make it so that people can get money cheaper and quicker from suppliers internationally,” Singh said. “So right now, someone in South Korea can pay a million-dollar invoice in the United States using Bithumb to buy bitcoin and pay the invoice, and BitPay will process that invoice and settle in US dollars the next business day.”
South Korea has introduced a string of regulations for cryptocurrency trading and related business in the recent months. The government banned anonymous trading, domestic initial coin offerings (ICO), and foreign use of domestic exchanges.
Singh said BitPay is unfazed by the potential for regulatory upheaval. “We welcome regulation,” he said. “So I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”
The news about the Bitpay partnership came after Bithumb started to deploy cryptocurrency ATMs in South Korea. Bithumb said they aim to support small business owners through its bitcoin ATM installation, purportedly providing safety and convenience to business customers.
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