South Korean Travel Website Having 50,000 Hotels To Accept 12 Cryptocurrencies

Travel Website Of South Korea To Offer 50000 Accommodative Facilities Which Can Be Availed Of In Exchange Of 12 Cryptocurrencies

Bithumb, one of the biggest cryptocurrency exchanges in South Korea has announced its business alliance along with Innovation Corp. based out in Seoul on Tuesday. This promising collaboration will allow travellers to access more than 50000 accommodation facilities such as motels, hotels, campers and guest houses as well as pay for the same using their cryptocurrencies. The service specializing in small and medium scale accommodations shall be provided under a brand name which has been loosely translated as “How are you here?” It was further elaborated by The Hankyoreh as:

“The user can pay in a virtual currency held in their Bithumb account when booking a hotel, resort, or motel. There are about 50,000 registered properties here [in Korea].”

Bithumb, the second largest in South Korea is the fifth largest cryptocurrency exchange on a global scale by taking into consideration its 24-hour trading volume. Upbit, backed by Kakao Corp is the largest South Korean crypto trading platform.

Following are the cryptocurrencies which will be accepted by the website:

• Bitcoin,
• Bitcoin Cash,
• Bitcoin Gold,
• Ripple,
• Ethereum,
• Ethereum Classic,
• Qtum,
• EOS,
• Litecoin,
• Monero,
• Zcash,
• Dash.

The above cryptocurrencies would be accepted by the platform which expects,

“that virtual currencies will be used to make reservations and payments for domestic and international travelers, which will be of great help in increasing convenience.”

Also Read: Japan’s Peach Airlines Clarifies It Will Accept Bitcoin As Payments

Zdnet Korea explained that customers can book a room and pay their bills using the Innovation app and pay in th above mentioned twelve cryptpcurrencies. The Innovations apps have about 2 million monthly net users.  The application is available both for iOS and Android devices that have already garnered 41000 ratings in Google Play store averaging at 4.4 stars. Correspondingly iTunes having about 5700 user ratings averages out to 4.7 stars.

Bithumb was quoted by Yonhap as stating that:

“The service will be introduced in the first half of this year,” emphasizing further on the fact that it shall kick off “as soon as possible.” The exchange wishes to expand the usage of cryptos in Korea and has been “constantly discussing with various companies” regarding prospects of the same.

Also Read: South Korea To Support “Normal Cryptocurrency Trading”

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.