Ripple (XRP) – Currently the largest cryptocurrency exchange in South Korea is Bithumb who recently made a partnership with Korea Pay Service– a mobile payment service provider- in order to facilitate cryptocurrency payments in more than 6,000 outlets across the country, only in the first half of 2018. Their main goal is to have more than 8,000 outlets accepting cryptocurrency as a payment by the end of 2018.
This partnership assumes to have 2 main goals:
- Firstly, to implement a crypto friendly payment system throughout thousands of Stores in South Korea, including big names like Yankee Candle.
- Secondly, to bring more sales volume to Korea Pay Services and more market volume to Bithumb Exchange.
But taking a look at what this will bring to Ripple- The most traded cryptocurrency in South Korea-it is nothing less than the possibility of being accepted as currency in a major number of outlets, which can only increase their Market Capitalisation.
Bithumb, in terms of trade Volume is also doing amazing numbers, it has an exchange value of $642,4 Million USD, from which only 14,88% (around $95,6 Million) is the amount of Ripple (XRP) that has been traded out of the Total Trade Volume per day. This trade values were one of the reasons to place Ripple (XRP) on the 3rd place in the list of most traded Cryptocurrencies and also to place Bithumb on top 6 of Exchanges, as stated on www.coinmarketcap.com
Korea Pay Services, as told before, it is a company that provides mobile payment services. They offer gift certificates and handle electronic payments at more than 200 franchise-based offline merchants along with more than 8,000 stores all around South Korea. Annually this digital payment service provider generates around $280 million USD.
South Korea has a really strong impact on the Cryptocurrency World. Some months ago, Ripple (XRP) got a boost in their Market Cap from $40 Billion USD to $88 Billion USD, just with the help of South Korean traders. Which is exactly, an increase of more than 100%.
South Korea seems to be holding on a very thin edge between the constant threats from South Korean Officials and the FOMO effect (Fear of Missing Out). Effect that creates a huge rush among the buyers in the country and more and more people want to own Cryptocurrencies.
This partnership proves to be concerned with this Fear of Missing Out and wants to take it away from their country as fast as they can. By making cryptocurrencies available in this wide number of stores, they will prove this FOMO effect is a concern of the past, while helping the users to access their Cryptos at any physical location.
With South Korea making this adoption in such a transparent and large scale, this only proves to be a big step towards seeing the first country with regular day to day payment of goods and services using Cryptocurrencies.
The big picture here will be how the outside will see this major change. A lot of countries are facing huge difficulties with their National currencies, others have more than 50% of their population unbanked and a lot of Trust Issues with their Governments while others simply have the same Fear of Missing Out has South Korea had. So, we can expect that a wide number of countries, in a near future will have the same will of change, and will work towards finding partnerships like this one, in order to make cryptocurrencies their day to day currency.
Final look on what this will bring to Ripple (XRP)
As mentioned before, South Korean traders, alone, gave a push of more than 100% to Ripple Market Capitalisation. Which means, that the adoption of cryptocurrencies in a market with such a leverage power on Ripple, can only make their volume grow even more. I would say that after this partnership is concluded and the green light turns on in terms of accepting cryptocurrencies, we will see Ripple Market Cap grow in very considerable numbers.