Dongdaemun APM, one of Korea’s biggest clothing markets in Dongdaemun, is likely to introduce a blockchain-based payment system.

Dongdaemun APM said Tuesday that it would adopt a cryptocurrency payment system optimized for the wholesale market for clothes while implementing the APM Coin Project to prepare benefits. This plan is designed to enable both consumers and store owners to use cryptocurrency conveniently, according to Dongdaemun APM. Payments will be made through a mobile application, focusing on users’ accessibility and convenience.

Dongdaemun APM’s payment cryptocurrencies will be stable token APM Cash and APM Coin, which will be compatible.

“We expect the APM Coin Project to contribute to commercializing cryptocurrency based on 1,300 brands in APM, 5,000 daily visitors and a total of 1.5 million visitors a year,” said a spokesman at Dongdaemun APM, adding that “this can grow to be a global project because 80% of visitors to Dongdaemun APM are Chinese customers.” /yjk@decenter.kr

Janice Yunji Kim