South Korean-based crypto exchange Bithumb will be providing kiosks to restaurants, allowing customers to pay for food with their crypto holdings.
South Korean-based crypto exchange Bithumb has announced plans to supply kiosks to restaurants and cafes with an option for customers to pay for their food orders with their Bithumb crypto holdings, local news outlet Zdnet reported March 7.
The kiosk brand, called Touch B, is the result of a February partnership between Bithumb and kiosk manufacturers Unos Space, Tros Systems, and IYU for Bithumb to “supply kiosks optimized for small businesses that operate food and beverage franchises, small restaurants, and cafes.”
Zdnet reports that Bithumb launched three services, two of which were named in the article as kiosks Touchpad and Touchbone, giving business owners options based on their size and card requirements. Rental costs for Touch B kiosks will be offered for 10 percent less than the going rate as a way to help smaller businesses afford to use Bithumb’s products.
The third service is called Bithumb Cache, a password settlement service that will allow Bithumb customers to convert their funds to use at the kiosk with their password, thus “generat[ing] synergy [between the food] business [and] the currency exchange business.”
According to a statement from Bithumb,
"The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rental services to small business owners. We will continue to work in various industries based on Blockchain technology, We will continue to provide opportunities to provide total solutions for small businesses through our partnership. "
Bithumb is ranked number 5 globally by trading volume over a 24 hour period, according to data from CoinMarketCap, with a trading volume around $732 mln on the day to press time.
Cointelegraph contributor Joseph Young tweeted yesterday, March 9, that Bithumb’s announcement could really “fuel [crypto] adoption in South Korea”:
Bithumb, South Korea's largest exchange, will supply cryptocurrency ATMs and kiosks to restaurants and cafes.
This could really fuel adoption in South Korea, especially for newcomers.
You can stare at price all day, or read about actual progress.https://t.co/SV86sQ4I11
— Joseph Young (@iamjosephyoung) March 9, 2018
At the beginning of this month, Australian crypto exchange Bitcoin.com.au also combined cryptocurrencies and small businesses by launching a system that would allow 1,200 newsstands across Australia to sell crypto through iPad minis.