South Korean convenience-store chain CU to accept cryptocurrency

Major South Korean convenience-store chain CU is preparing to accept payments in cryptocurrency.

The chain, which operates more than 13,000 outlets in the country, will use the Chai payment system to trade in Terra, a won-backed stablecoin that has garnered investment from many large Korean firms.

CU parent firm BGF Retail partnered with Chai earlier this week to allow buyers to pay by presenting a barcode from the Chai mobile app.

Terra co-founder Do Kwon told CCN Korea that low-margin businesses struggle to accept volatile cryptocurrencies such as Bitcoin. In other regions, retailers often deal with exchanges to convert cryptocurrency payments to money on the spot.

“Moving forward, Chai will continue to lessen the burden on franchisees and increase the merit of consumers through partnerships with various companies like CU convenience store with an on and offline infrastructure,” said Chai Corporation president Han Chang-joon in a statement translated by CCN.