South Korea is following the footsteps of Japan and we can see an increasing adoption of cryptocurrencies in the country. As the adoption of cryptocurrencies like Bitcoins and Ethereum increases, the crypto-economy will start appealing to the consumers as well. In South Korea, conglomerates like SKT, NXC have a huge stake in the cryptocurrencies and retailers are working to integrate cryptocurrencies into their businesses.
Regulation of Cryptocurrencies in South Korea
After the government’s decision to regulate the cryptocurrency market, South Korean businesses and investors have started showing optimism towards the local cryptocurrency market. Korean investors are confident about the long-term growth of the cryptocurrency sector in the country.
WeMakePrice, South Korean online Mall is working with Bithumb to add cryptocurrencies to its payment platform, OneThePay. In the near future, consumers will be able to make purchases with cryptocurrencies WeMakePrice platform.
WeMakePrice users will not have to register with Bithumb to use cryptocurrencies to make purchases. Bithumb will integrate the cryptocurrencies into the existing infrastructure to allow the current users to buy goods using cryptocurrencies. The company has decided to integrate the cryptocurrencies to ease the payment process while using the platform.
As the company aims to ease the payment process for the users, they want to leverage the technology behind cryptocurrencies which is not only highly efficient but also safer for to use. Cryptocurrencies use an entirely different technology from the current payment systems like Visa, etc. Consumers will be able to save themselves from fishing attacks and misuse of credit cards if they make purchases using the cryptocurrencies like Bitcoins, Ripples or Ethereums.
Kakaotalk, the service provider behind the South Korean messaging app, Kakaotalk has
plans to include blockchain platform to tap the Asian markets. Besides Kakaotalk, the Internet conglomerate also operates KakaoTaxi, KakaoStory, KakaoPay and some other services. As Kakao is armed with high-quality digital content, it has expansion
plans beyond Japan. It is working to tap the Chinese and South-East Asian markets as well specifically in the areas of streaming services like music, videos, games, apps , etc.
Telegram, another widely-used messaging app has the expansion plans into the cryptocurrency sector. Their ICO raised $850 million during the presale.
Aelf is a cloud-computing blockchain network that has entered the South Korean market recently. It has listed its cryptocurrency, ELF on the trading platform, Gopax. Aelf is a highly customizable operating system specifically built for blockchain based computing needs. It offers a unique governance model based on delegated PoS(Proof of Stake) consensus system. South Korea is a tech-savvy society with the fastest Internet speeds in the world. It has a huge appetite for the blockchain technology and the cryptocurrencies.
XcelTrip tokens, Xcel is a utility token which is the preferred cryptocurrency in the tourism and hospitality industry. Travelers can use XcelTrip in a variety of ways for all their traveling needs such as booking hotels, flights, taxis or making payments at bars, restaurants, spas, etc. Travelers can use the XcelTrip tokens through their Android or iOS devices. Their online platform allows you to do everything from booking a flight to securing rides through the app. XcelTrip will not just provide a convenient option to the travelers but also save them a lot of money. As you need to pay additional costs to online travel agencies, payment gateways, aggregator platforms and other intermediaries, it raises t he costs for you. Also, today’s travel integration model is not highly efficient as there are multiple layers that increase the costs and time for the consumers. XcelTrip solves these problems and makes traveling highly convenient and cost-effective.
The decentralized model of XcelTrip empowers the travelers and travel partners while removing the middlemen from the picture. XcelTrip partners include Airlines, Accommodation providers, Malls, Restaurants, Tour Operators, User- owned rental vehicles, etc. The travelers can interact directly with the partners using their booking engine which is decentralized and free to use.
To Sum Up with an increase in the adoption of the cryptocurrencies in South Korea conglomerates have started leveraging the blockchain technology and cryptocurrencies to expand their businesses.
Cryptocurrencies not only provide an efficient and highly secure payment system for the consumers and service providers but also opens new areas of innovation that make use of services cost-effective and convenient.
Crypto-economy is rapidly expanding all across the globe and it is expected to grow further at an exponential rate. South Korean government’s decision to regulate the cryptocurrencies exhibits their vision for the crypto-based future.