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A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul (1)
Image: A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul. REUTERS/Kim Hong-Ji

Massive South Korean E-Commerce Platform to Integrate Bitcoin and 11 Cryptocurrencies

Image: A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul. REUTERS/Kim Hong-Ji

WeMakePrice, commonly recognized as Wempu, will soon integrate 12 cryptocurrencies into its platform. These virtual currencies will include Bitcoin as well as Ethereum, Litecoin and nine others.

Working With Bithumb

Wempu is working in conjunction with Bithumb, the largest cryptocurrency exchange in South Korea (a leading country in initiatives), in order to integrate the 12 different cryptocurrencies into its e-commerce platforms. WeMakePrice will be partnered with Bithumb in order to add the cryptocurrencies to its current OneThePay payments platform.

When the integration of the cryptocurrencies is complete, it will be possible for Wempu shoppers to purchase products and services using cryptocurrencies instead of credit or debit cards.

Though Bithumb is providing the integration of the different cryptocurrencies into the WeMakePrice payments system, users are not required to register with Bithumb in order to use crypto coins for making purchases on the Wempu platform. The cryptocurrencies will be integrated right into the infrastructure that currently exists on the platform. Therefore, shoppers can complete their payment transactions in the same way they always would, only with this new type of payment method.

Making Payments Easier

A WeMakePrice spokesperson explained that the purpose of the cryptocurrency integration is to improve the payment process for shoppers as a whole. It isn’t just meant to be easy for Wempu users, but to be one component of a broader initiative for all consumers.

“Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods,” explained the WeMakePrice spokesperson.

A Major E-Commerce First

The addition of cryptocurrency to the acceptable transaction methods on the WeMakePrice website represents an important first among major e-commerce retailers and platforms. No other platform or online retailer of this size has yet added cryptocurrencies as an accepted payment transaction method for their customers.

The South Korean marketplace is increasingly accepting cryptocurrencies among its investors as well as its businesses. Its local cryptocurrency market has been growing rapidly and steadily. Its government has been pursuing regulation of the market, only strengthening optimism toward its long term growth within that country.

Note: The opinions expressed in this article are the author's own and do not necessarily reflect the view of Alvexo on the matter.