Partnership between Quinone and Econtext Brings Bitcoins to 20,000 Retailers in Japan
An epic deal between Quinone, a bitcoin exchange and Econtext, payment network will enable bitcoin to be used as a payment option for 20,000 online and physical retailers in Japan.
All the merchants using payment processing service of Econtext in their online stores will not require a separate platform for processing bitcoin transactions. Starting today, the service will be available for use by businesses.
Quinone and Econtext Planning this for the last one year
Mario Gomez Lozada, CEO Quinone, said in an interview that they have been holding discussion about the potential partnership with Econtext for the last one year. Since then, they have worked diligently towards integrating the two.
Econtext is already well on its way adding merchants into accepting bitcoins and is also actively approaching others to do the same.
This partnership can encourage many merchants to accept bitcoins in Japan. The adoption rate here was slower than the other countries because of negative publicity following insolvency of Mt Gox. However, this collaboration is set to change that for bitcoins.
The way system works
Exchange powered by Quinone will be integrated into the checkout system of the merchant which will readily supply virtual currency price to the merchant that he can quote to the customer.
This rate will be locked for the merchant as well as the customer for 30 minutes even if bitcoin is particularly volatile in that time frame. Econtext will provide the option to select bitcoins as a payment method for its merchants. The QR codes displayed can be used by the customer to make the payment.
Quinone is the highest volume bitcoin exchange
Although professionals may recognize Quinone as Singapore based forex trading exchange, it is also the highest volume bitcoin exchange that is currently operating in Japan.
The CEO, Mario Gomez Lozada said that the average volume of BTC per day is between 500 and 1000 a day. This number can grow by leaps and bounds on special days.
Quinone has witnessed steady growth in terms of volumes and continues to grow at a stable pace.