South Korean cryptocurrency exchanges are among the biggest in the world. Although South Korea has been a hub for a lot of activity in cryptocurrencies, the acquisition of commercial goods and services with cryptocurrencies has not kept pace with investment fervor. FuzeX wants to change that with the introduction of the FuzeX crypto card.

South Korea is the nation where card, not cash, is king. South Koreans log more credit card transactions per person than any other nation in the world. FuzeX views the South Korean market as the perfect launchpad for the new FuzeX smart e-card. The flagship card will not only empower South Korea’s many cryptocurrency enthusiasts to conveniently spend beloved cryptocurrencies, but may also indicate that South Korea is an ideal crypto card test market.

ECONOMIC BACKGROUND

South Korea is the world’s 11th largest economy. South Korea boasts the highest smartphone penetration in the world and the 5th highest credit card adoption rate. Most significantly, South Korea outperforms much larger economies in terms of cryptocurrency fervor. South Koreans pour so much of their local currency, the Korean Won (KRW), into bitcoin that they are ranked number three in the world after Japan and the United States.

Image Source: CryptoCompare

South Korea is not only supportive of cryptocurrencies in terms of hosting conferences, but also boast several cryptocurrency exchanges, including BitThumb, CoinOne, and Korbit. You can even purchase bitcoin at 7-Eleven stores. No doubt, South Korea is the perfect test market for a crypto card.

The FuzeX smart e-card launch in the second quarter of 2018 will answer the question as to whether there is sustainable demand to spend cryptocurrencies in everyday commercial transactions globally.

ESTIMATING DEMAND

Imagine you are out with your family in Seoul and that you are in the middle of explaining how cryptocurrencies are about to take over the world. Your smartphone and mobile wallet are in your possession when you suddenly spot your favorite ice cream store. You open your wallet and see BTC, ETH, DASH, NEO, SALT, NEM, and all of your other favorite cryptocurrencies, but feel a touch of sadness as you realize that you cannot demonstrate how they can be used to make a simple purchase.

FuzeX wagers that the desire to remove that uncomfortable feeling will be very high. FuzeX is a corporate spinoff of BrilliantTS, a South Korean payment solutions specialist. Given the operational experience of BrilliantTS in the South Korean payment solutions space, FuzeX is well qualified to hold the opinion that the ubiquity of credit cards and cryptocurrencies in South Korea provides users a timely opportunity to add substantial value to a card-embracing society.

VALUE PROPOSITION

FuzeX connects cryptocurrencies to everyday commerce. The FuzeX smart e-card will not only make it easier to spend up to 30 different cryptocurrencies in typical commercial transactions, but also allows for debit, credit, and rewards purchases as well.

FuzeX Wallet and FuzeX Card

South Korea is a favorable market for crypto cards. South Korean merchants are obliged to accept card payments irrespective of the size of the purchase. That works in favor of FuzeX card adoption. The crypto card will provide immediate benefit to all cardholders in South Korea. Especially since, the FuzeX team brings to bear years of operational experience from BrilliantTS days to ensure that cardholders have access to all South Korean merchants.

Given the lack of crypto cards available outside of Europe, the introduction of a crypto card that fuzes together a plethora of payment options makes FuzeX well poised to be a global payment solution as the FuzeX card expands beyond South Korea in 2018. The FuzeX smart e-card will appeal to cryptocurrency enthusiasts worldwide as they look to integrate cryptocurrency spending into their daily routines and move beyond onerous list of cryptocurrency accepting merchants.