South Korean crypto exchange Bithumb partners with Qoo10 to launch payment service

South Korean cryptocurrency exchange Bithumb, in collaboration with Asian e-commerce firm Qoo10, is going to roll out a cryptocurrency payment service.

Referring to the official announcement dated November 7, CoinTelegraph reported that the companies signed a contract in August and are working with the Qoo10 settlement service and Bithumb Cache system. The partnership aims to expand the Bithumb cash payment service as a global payment method.

Introduced earlier this year, Bithumb Cache is a password settlement service that enables the exchange’s customers to convert their funds to use for payments with their password.

With this partnership, customers will be able to purchase products from Qoo10 and pay for them using the Bithumb Cache.

"The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience,” Bithumb said.

Qoo10, also known as “Asian Amazon,” was acquired by e-commerce giant eBay earlier this year. Headquartered in Singapore, it operates localized online marketplaces across Singapore, Indonesia, Malaysia, China, and Hong Kong, and on one international online marketplace

Last week, Bithumb entered into a joint venture with crowdfunding platform seriesOne to launch a security token exchange in the United States.