Speaking to CNBC about the deal, BitPay chief commercial officer Sonny Singh said businesses would now be able to convert invoices to Bitcoin and use BitPay to settle them faster and more cheaply than via conventional bank-based remittance channels.
“Cross-border payments between Korea and the West will be a $200 bln industry this year,” he told the network.
“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day,” Singh continued.
Despite huge trading volumes, South Korea remains an uncertain market for cryptocurrency businesses and users alike…