South Korean Mobile Commerce Leader Omnitel Adds Bitcoin Services

South Korean mobile commerce leader Omnitel announced that its subsidiary Omni Networks is starting a bitcoin remittance business.

Omnitel is a public company listed on Kosdaq, the Korean counterpart of Nasdaq, with 7.77 billion won in capital and about a 70 billion won market cap at press time.

Omnitel Adds Bitcoin Services In line with the newly revised law, Omnitel announced that its subsidiary, Omni Networks, has entered into a cross-border payments business, according to Money Today.

South Korean Mobile Commerce Leader Omnitel Adds Bitcoin ServicesIn March, the company announced an investment of 2.4 billion won to acquire an 8.89% stake in BTC Korea.com, the operator of the country's largest bitcoin exchange by volume, Bithumb.

Omnitel said at the time that Bithumb accounts for 70% of the domestic bitcoin trading market, with accumulated trading volume of 2 trillion won in 2016 since the exchange began trading in January 2014.

Omnitel plans to introduce bitcoin payments for mobile streaming content, which it says will differentiate itself from competitors.

An Omnitel official said that the company's first goal is "To rapidly enter the overseas remittance and mobile settlement market." What do you think about Omnitel entering the Bitcoin space?