The Fever
Domestic start-ups related to bitcoin are coming down with fintech fever. But first, they are planning to expand the size of the market, increasing the number of their partners which accept bitcoin as the alternative of the currency, this year.
According to the financial and IT industry on Jan. 21, due to the mtgox.com hacking and embezzlement scandal, the bitcoin price plummeted from US$1,200 (1.3 million won) to US$200 (216,800 won) last year, shrinking the domestic bitcoin industry. However, with the recent fintech fever, domestic bitcoin start-ups are accelerating the expansion of their businesses.
Korean bitcoin exchange Korbit is planning to expand its partners. Yoo Young-suk, president of Korbit, said, “Focusing mainly on companies exporting Korean cultural products, which have a high number of overseas money transactions, and companies that need to make international payments, we are focusing to increase the number of merchants who accept bitcoin payments.” Korbit has recently succeeded in providing its bitcoin payment service to the content download and streaming services provided by CJ E&M.
CoinBee, which was founded by a college student in July last year, is planning to create a bitcoin ecosystem in the business districts of college areas. Lee Woo-hyun, president of CoinBee, said, “When doing business operations, college students have nothing against using bitcoin compared with the older generation. Since they are willing to try it and find it interesting, they are the ones who should be targeted.”
Also, Coinplug, which developed the first bitcoin ATM in Korea, is recently working to expand its business based on investments from Tim Draper and Mirae Asset Securities Co. Previously, Coinplus launched its new bitcoin payment system, partnering with Best Baedal, a delivery application.