Coinplug facilitates buying of bitcoins in standard ATMs

Coinplug, a popular South Korean company providing bitcoin services, facilitated purchase of bitcoins through credit cards in over 7,000 cashpoint ATMs throughout South Korea.

Coinplug will be the first company to use ATMs as a means to sell bitcoins, and also the first to initiate credit card transactions for bitcoin services within South Korea.

This initiative by Coinplug will permit customers to pay for its okBitcard service, and will ensure bitcoin is accessible in most of the high-traffic regions of the country, such as railway stations, department stores and certain city streets.

Coinplug CEO Ryan Uhr said agreeing new deals has not been difficult, since its business partners, such as Nautilus Hyosung and online payments provider Galaxia Communications, are also fintech companies that believe in bitcoin's potential.

The CEO of Coinplug said, "We could dramatically increase okBitcard sellers because we shared our vision for bitcoin and digital currency for future payment with our partners."

The Coinplug ATM service is offered for denomination values of 10,000, 30,000 and 50,000 South Korean won (approximating $10, $30 and $50). Coinplug expects to increase its reach of service abroad in the future.