Bithumb, the largest korean cryptocurrency exchange, announced to CNBC that it would partner with Bitpay to make their way into the international remittances market.
Bitpay’s Chief Commercial Officer (CCO) Sony Singh told CNBC that commercial customers will now be able to convert invoices to Bitcoin in order to make the transactions faster and cheaper.
“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 told CNBC.
He added that “cross-border payments between Korea and the West will be a $200 Billion industry this year.”
Singh told CNBC that Bitpay was on track to process $4 Billion in transactions this year.
Recently, there have been many rumors of the Korean government wanting to regulate the cryptocurrency market. On this subject, Singh says,
“We welcome regulation, so I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”
Korean exchanges formed a self-regulated body last week in an effort to calm their government’s regulation process and to be part of the decision making regarding the future of the Korean cryptocurrency market.