What’s Cooking In South Korea’s “Bitcoin Meal Boxes”?

“Bitcoin Meal Boxes”, South Korea’s Strategy To Thrive Crypto Market

What’s The News

South Korea moving ahead with some friendly and refreshing schemes related to cryptocurrency. It has a bond with a convenience store in South Korea named Emart24 offering Bitcoin Meal Boxes for individuals. The corner store Emart24 has collaborated with Bithumb (a local cryptocurrency exchange) which gives customers a chance to win a small amount of Bitcoins on every purchase. 

On 7 May 2024, a recently elected democratic party is pledging to permit Bitcoin ETFs. This could make it easier for people to invest in Bitcoin. They plan to submit the request after the National Assembly convenes in June. Although, at the same time South Korea is acting as a watchdog and has been getting stricter about regulating cryptocurrency and also making rules to prevent crimes related to it. In 2023, the South Korean government already started investigating unlicensed and illegitimate exchanges serving in the country for taking strict action against them.

On 9 May 2024, according to Emart24 and Bithumb, approximately 30,000 Bitcoin meal boxes will be available by the end of the month where each box will sell at 5900 Korean won. These meal boxes cost about $4.30 each and come with a chance to win some Bitcoin. The convenience store in South Korea has collaborated with Bithumb to provide services to customers or individuals who get a chance to win Bitcoin. Bithumb is a link that bridges the gap between customers and Emart24 to ease the Bitcoin transfer through the Bitcoin meal box.

Bithumb

Bithumb is one of the leading local cryptocurrency exchanges based in South Korea that serves as a platform for users to engage in various cryptocurrency activities. For instance, purchasing, selling, trading, depositing, and withdrawing. It is also a member of DAXA (Digital Asset Exchange Association) along with Upbit, Coinone, Korbit, and Gopax.  Bithumb is also planning to list itself in the Stock Market of the crypto exchange in South Korea. However, the plans for initial public offerings are delayed. Developers can gain access to its API by configuring an accessible IP address. It allows them to initiate withdrawals to their designated addresses via the API. 

Local Media Overview on Bitcoin Meal Box

According to local media in South Korea, there’s a representative from Bithumb who provides the information to the customers that they could win approximately 10000 worth of Bitcoins if they download the exchange app and enter the coupon code found in each meal box. Furthermore, Bithumb is also providing 20000 worth of Bitcoin if the new customers establish their Bitcoin account with NH Nonghyup Bank. For existing customers, the spokesperson said to link their existing Bitcoin account with Bithumb to receive extra Bitcoin.

Post-Halving Impact on Bitcoin Meal Boxes 

The Bitcoin meal box get popularity after the Bitcoin halving event occurred on 20 April 2024. The cryptocurrency market reached new heights in March 2024 when it almost reached $74000. However, after the halving event, there are changes in Bitcoin prices where it surges on halving events and then steeply falls. The market analysts are showcasing the dip in Bitcoin prices where Bitcoin bulls suffer Boredom after the Halving event. 

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