South Korean convenience store chain Emart24 has teamed up with local cryptocurrency exchange Bithumb to introduce a unique Bitcoin “meal box” available for purchase in-store. The partnership, announced on May 9, will see approximately 30,000 of these meal boxes hitting shelves by the end of the month, each priced at 5,900 Korean won (approximately USD $4.30).
Customers purchasing these meal boxes will have the opportunity to receive 10,000 won worth of Bitcoin if they download Bithumb’s app and enter the coupon number found inside each box. Furthermore, Bithumb is offering an additional 20,000 won worth of Bitcoin for customers who create a Bitcoin account with NH Nonghyup bank and connect it to their Bithumb account.
Bithumb, a prominent cryptocurrency exchange in South Korea and a member of the Digital Asset Exchange Association (DAXA), has announced its intention to become the first crypto exchange listed on the South Korean stock market, although its plans for an IPO have been delayed.
This partnership between Emart24 and Bithumb comes amid continued enthusiasm for Bitcoin following the recent halving event on April 20. While the cryptocurrency reached a new all-time high in March, analysts attribute the current dip in price to post-halving “boredom” among Bitcoin bulls.
Bitcoin’s momentum received a boost earlier this year when the United States approved its first Bitcoin exchange-traded funds (ETFs) on January 10. In South Korea, there are promising signs for the cryptocurrency market, as the newly elected democratic party has pledged to allow Bitcoin ETFs and plans to make the request after the opening of the National Assembly in June.
However, South Korean regulations have become stricter in recent years, with legislators introducing harsher sentences for crypto-related crimes and implementing new guidelines for cryptocurrency exchanges. Financial regulators have also been cracking down on unlicensed exchanges operating in the region, emphasizing the importance of adhering to regulatory standards in the cryptocurrency space.
May 2024, Cryptoniteuae
