Bithumb Cache And The Amazon of Asia Qoo10 Partner to Launch Crypto Payment Solution

Bithumb And Qoo10 Partner Together To Launch Crypto Based Payment Solution

One of the biggest crypto exchanges Asia, Bithumb partnered with Asian e-commerce giants Qoo10 to develop crypto payment solutions. Their association began in August, however, the product was officially launched today.

Qoo10 is a Southeast Asian e-commerce platform, formerly known as GMarket, headquartered in Singapore. It operates localized online marketplaces across Singapore, Indonesia, Malaysia, China, and Hong Kong, and on one international online marketplace. It optimizes its program and services for small and medium enterprise merchants. The platform has been deemed “Asian Amazon” because of their widespread popularity in the region.

Originally, when the partnership was signed, the companies decided to work on Qoo10 settlement service and Bithumb Cache system. They plan to use the Bithumb Cache payment system by integrating it with the exchange. Bithumb Cache system is a password-protected payment service that allows users to convert their money to make financial transfers.

The exchange stated that the partnership “has made it possible for Bithumb to utilize the Bithumb cache beyond our home country and abroad for real life.”

Prior to the partnership, in the summer of 2018, eBay bought Qoo10 for around $573m to boost eBay’s presence in Asia. Notably, Bithumb signed a deal with SeriesOne to open securities token exchange.

Bithumb said:

“SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.”

Bithumb currently occupies the 1st position on the list of crypto exchanges, its trading volume per day being equal to over $3.5 billion. Interestingly, Monero and Zcash are the two biggest traded tokens on the exchange.