Eyes are now set on the South Korean Bitcoin economy after Galaxia Communications has announced its plans of integrating the digital currency into its services.
One of the three largest payment processing companies in the country, Galaxia will now add Bitcoin to the payment options accepted by its client list, which is composed of well over 10,000 local and international websites.
The KOSDAQ-registered company is teaming up with Coinplug, a South Korean Bitcoin payment processor and software developer, to handle the Bitcoin transactions.
Galaxia Communications Senior VP and COO Yongkwang Kim said handling Bitcoin payments should be relatively easy since they already process diverse payment options, and that they will be assisted by the local Bitcoin payment processor.
Coinplug, which is known for launching the country’s first two-way Bitcoin ATM in March, is designated to provide technical assistance to make the process smooth and trouble free. All Bitcoin payments will go through Coinplug first, which will convert them to fiat, before they get sent to Galaxia.
This move is seen by Bitcoin analysts as an opportunity to spearhead the South Korean Bitcoin market, given that there are only a few Bitcoin users in the country as compared to those of the US and European nations.
Kim, however, admitted that pushing for Bitcoin acceptance by the company was faced with some challenges, especially by the negative portrayal of the digital currency in the news. Nevertheless, speculators are observing whether this will have a significant impact after all.
Meanwhile, with opportunities for South Koreans to take full advantage of Bitcoin, the online gambling sector is opening its doors for future adopters from the Asian nation. Bitcoin gambling is slowly becoming a worldwide trend now, and is being regarded as a potential key player in the iGaming industry.
With Galaxia’s support of Bitcoin payments for thousands of online businesses, it is highly probable for the local online gambling community to follow suit, attracting more Bitcoin users to indulge in the instant, anonymous, and provably fair world of Bitcoin betting.
Should Galaxia’s Bitcoin adoption prove to be a success, hopes for the South Korean Bitcoin gambling industry to swell in the years to come may not be too far from happening.