Last updated on March 17th, 2015 at 02:37 pm
A new partnership between the Bitcoin company Coinplug and Korea’s leading ATM producer Nautilus Hyosung will enable South Korean Bitcoiners to purchase digital currency using credit cards and regular ATMs.
The solution developed by both companies has “transformed” over 7,000 regular devices across the country in cryptocurrency providers thanks to Coinplug’s prepaid okBitcard, the first ever credit card to BTC service in the country.
Although Nautilus Hyosung, the world’s fourth biggest ATM hardware manufacturer, is currently responsible for 7,000-9,000 active machines in South Korea, the company is no stranger to the crypto universe. The manufacturer has previously created a Bitcoin ATM for Coinplug. The two-way device was installed in a cafe located in Seoul’s Gangnam district in March of last year.
According to Coinplug’s COO Richard Yun, the company found out that, when trying to sign up new merchants to accept BTC, they all shared a major concern: it’s not easy to obtain Bitcoin if you’re not tech-savvy.
That won’t be a problem anymore thanks to the new service developed by Coinplug and Nautilus Hyosung. Using the system is quite simple, according to the video below.
When using the ATM, the customers only have to select the ‘okBitcard’ option, prove their identity by providing a phone number and date of birth, insert a credit card and finally print a paper receipt with a PIN code that can be redeemed for Bitcoin using Coinplug’s smartphone app or the okBitcard site.
Users can currently buy 10,000, 30,000 and 50,000 South Korean won (approximately $10, $30 and $50) in Bitcoin using the ATM-based service. However, Coinplug plans to expand the service overseas in the near future.