Brad Chillum
Goto Mall is the largest underground shopping mall in South Korea. In order to to enable its 620 stores to accept bitcoin, it has partnered with a local cryptocurrency exchange . The mall is spanning 880 meters long and about half a million people walk through it each day. Beginning mid-December, shoppers can pay with bitcoin at the mall’s 620 stores. Bitcoin will be offered alongside other payment methods accepted by the mall such as cash, credit card and Alipay.
In order to accept bitcoin, Goto Mall has partnered with a local cryptocurrency exchange HTS Coin. The exchange, which opened last month, has developed a smart payment system using cryptocurrencies and has recently launched a mobile app. The mall had previously tested bitcoin as a payment option where shop owners accepted bitcoin directly. However, it was terminated since store owners “often lost their passwords and could not use the coins”. But with the HTS Coin system installed something like that is never going to happen again.
The travel guide website Travel Vui states: “Goto Mall is Seoul’s largest underground mall. This hidden gem markets everything from clothing to flowers and home decor at mind-blowingly cheap prices”. Goto Mall is also known as Gangnam Terminal Underground Shopping Center. It is connected to one of the major subway transfer stations. Kyeonggi news outlet reported that it “currently has an estimated 500,000 visitors per day and is rated as the largest underground shopping mall”.
By doing all this it is expected not only to attract more people, especially young ones, but to also increase the number of foreign customers. Consequently, the bitcoin awareness will rise furthermore. This is a very profitable win-win situation which will surely spread around more and more, making businesses more profitable and bitcoin more widely recognized and handled.
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