Ripple to be Available in 8,000 more stores in South Korea
Bithumb cryptocurrency has recently partnered with Korea Pay service to provide the feature of the availability of major cryptocurrencies in 6,000 physical outlets in the first six months of the year 2018 and has promised to increase this significantly up to 8,000 till the end of the year. At present, Ripple (XRP) has been the most traded cryptocurrency in South Korea so this might be interesting to see how this affects the price of the XRP.
If we look at the trade Volume of Bithumb, it’s doing pretty good with an exchange value of $642.4 Million currently and out of this $642.4 Million only 14.88% that is around $95.6 Million is the amount Ripple (XRP) has been traded out of the total trade Volume per day. This has resulted to make Ripple come 3rd in the list of most traded Crypto asset and Bithumb comes in the tank 6th, as stated on coinmarketcap.com.
On the other hand, Korea Pay Services controls mobile gift certificates and electronic payments at over 200 franchise along with 8,000 stores around South Korea. This will definitely result in the increase in the market capture and availability of Ripple in the above mentioned 8,000 more stores by the end of this year. The main vision of this partnership is to make a crypto friendly payment system at thousands of stores including Sulbing, Todau, Droptop and Yankee Candle.
The impact that South Korea has on the Crypto-verse despite the constant threats from the South Korean Officials. A few months back, Ripple got a boost in their market capitalization from $40 Billion to $88 Billion just with the help of South Korean traders. The extreme attention of South Koreans towards the trade market can be explained by the FOMO effect or Fear of Missing Out. This is what it results in rush among the buyers in the country.
And as the partnership is concerned the Fear of Missing Out has to be pushed out as the availability of cryptocurrencies in the above-mentioned stores will help the users to access their Cryptos at any physical location. Forsooth, it has high chances that after the adoption of cryptocurrencies by South Korea it will become the common and regular day to day payment method or consideration of goods and services. As a result, it will give the cryptocurrencies a certain validation to be used in the exchange of goods and services in a proper way.