The largest South Korean hotel reservation service will accept cryptocurrency

The largest South Korean hotel reservation service will accept cryptocurrency

The largest South Korean online service for booking hotels Yeogi Eottae, whose name translates as “What do you think about this place?” entered into a partnership with cryptocurrency exchange Bithumb.

Partnership with Bithumb is likely to allow Yeogi Eottae to integrate all crypto-currencies, represented on the platform, including Bitcoin, Ethereum, Litecoin, EOS, Cash, Bitcoin, Ripple and others.

Press Secretary Bithumb said that the partnership with Yeogi Eottae will allow South Korea to follow trends set by Japan and the United States, in the adoption of cryptocurrencies as a method of payment and medium of exchange. He also stressed that businesses in South Korea are trying to make transactions with cryptocurrencies the same prostymi as cash payments:

“Thanks to the formation of a strategic partnership between Bithumb and the country’s largest booking platform hotels Yeogi Eottae, South Korea will be able to follow the global trend of using cryptocurrencies as a means of payment. Bithumb and Yeogi Eottae discuss ways of effective handling cryptocurrency transactions for the purpose of providing assurance as to what to spend the cryptocurrency as easy as spending paper money.”

In addition Yeogi Eottae, Bithumb partnersthat with another major retailer in South Korea, WeMakePrice is the leading platform in the field of e-Commerce in the country. These collaborations will lead to a sharp increase in the use of cryptocurrency in the South Korean market.

The adoption of cryptocurrency

The demand for cryptocurrencies in South Korea expected fell once in January there was a major market correction. Influenced by falling prices in February and March.

But cryptocurrency in South Korea already invaded the mainstream, and almost every consumer in the country knows about them, especially about bitcoin. Such high awareness about cryptocurrency gives the market a unique opportunity for rapid growth in the region.

Several companies are already working with restaurants, cafes and food franchises for distribution of cryptocurrency ATMs and kiosks across the country to make cryptocurrencies more accessible to casual users and beginners without verification (KYC) and strict checks related to fighting money laundering (AML).

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