November 25, 2024

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[THE INVESTOR] Korea’s e-commerce operator WeMakePrice is likely to establish a system to accept cryptocurrencies for purchases on its website, according to industry sources on Jan. 29.

According to sources, WeMakePrice is currently discussing with Bithumb, the nation’s largest virtual money exchange, about adding the cryptocurrency payment system to its existing payment framework, Wonderpay. The two companies aim to establish a system where WeMakePrice users can buy products with 12 different cryptocurrencies, including Bitcoin and Etherium. 

WeMakePrice’s new system will also have a function to automatically reflect the real time market price of different cryptocurrencies when purchasing the product, to avoid confusion caused by the volatile nature of virtual money.

If the system is applied, it will be the first case for a large-size e-commerce operator to accept cryptocurrencies in Korea.

“It is true that we are in discussions with Bithumb,” a WeMakePrice spokesperson told The Investor. The company, however, declined to confirm the details, saying nothing has been fixed yet.

Industry sources, however, expect the plans to be put in place as soon as the government announces further regulations on cryptocurrency exchanges. On Jan. 29, Korean lawmakers held a meeting with cryptocurrency specialists to discuss ways to regulate virtual currencies at the National Assembly.

Seoul has been struggling to bring cryptocurrency speculation under control with a series of measures, including real-name transactions. But the overheated market, which became third-largest in terms of trading volume, has shown few signs of cooling down. Starting on Jan. 30, cryptocurrency purchases using local currency will be allowed only for individual accounts registered under real names.

By Song Seung-hyun (ssh@heraldcorp.com)