{"id":5749,"date":"2018-03-15T04:22:13","date_gmt":"2018-03-15T04:22:13","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=5749"},"modified":"2018-03-15T04:22:13","modified_gmt":"2018-03-15T04:22:13","slug":"bithumb-partners-with-bitpay-for-international-remittance-service","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/bithumb-partners-with-bitpay-for-international-remittance-service\/","title":{"rendered":"Bithumb Partners With BitPay For International Remittance Service"},"content":{"rendered":"

\"\"Bithumb, South Korea\u2019s largest cryptocurrency exchange<\/a> with an average daily trading volume of about $380 million, has partnered with BitPay<\/a> to enter the global remittance market.<\/p>\n

The partnership would enable businesses in that region to issue invoices in Bitcoin and get settled through BitPay, a Bitcoin payment processing service, in a faster, cheaper, and more secure manner.<\/p>\n

The partnership was confirmed to CNBC by BitPay chief commercial officer Sonny Singh, who expects cross-border payments between Korea and the West would hit a record high of $200 billion this year.<\/p>\n

Singh<\/strong> said<\/p>\n

\u201cRight now, people are doing cross-border payments [\u2026] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we\u2019re able to make this a 1% fee in one business day.\u201d<\/p><\/blockquote>\n

Singh, who revealed that BitPay is on track to process $4 billion worth payments in 2018, is not worried about potential regulations in South Korea. Singh<\/strong> said<\/p>\n

\u201cWe welcome regulation. So, I think all the Korean exchanges like Bithumb \u2014 they welcome regulations too. We make sure they do proper AML\/KYC checks.\u201d<\/p><\/blockquote>\n


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