Money

Japanese e-Commerce Provider Qoo10 To Accept Cryptocurrency Payments

South Korean crypto exchange Bithumb has partnered with Qoo10, a major e-Commerce provider based in Japan, to accept cryptocurrency payments using the Bithumb Cache exchange payments system.

Photo: Qoo10

The agreement, which was signed in August, opens Qoo10 to payments of any kind via the Bithumb Cache. That is a password-controlled payment settlement service which allows Bithumb customers to convert their funds into whatever form is needed to make payments.

Because Bithumb’s exchange payments approach allows cryptocurrencies, Qoo10 becomes – so far at least – one of the major outlets where cryptocurrencies and cash can both be freely used.

That Qoo10 would actively seek out alternatives to cash and conventional payments should be no surprise. According to eBay’s February 2018 filing, that major e-Commerce provider paid $573 million to acquire the company. Though eBay has been quiet about why it made the investment, it appears based on other Asian moves by the company that eBay has decided taking market share from Amazon.com in the North America e-commerce market could be very costly. It is instead making strategic investments in companies like Qoo10, which has a strong market presence in Japan, China, Indonesia, Hong Kong, Malaysia, and Singapore.

For Bithumb this is about setting up yet another strategic partnership with a strong player in a related industry. On November 1, Bithumb announced it had signed a partnership agreement with SeriesOne, a U.S. fintech company, to open a securities token exchange in the United States.

According to data in CoinMarketCap, Bithumb has a current 24 hour trade volume of approximately $4 billion.