The customer catch-on, however, may take a bit more time. No one has made any crypto transactions at the ski shop, but Cho says some diverse pockets like in upscale Seoul bars, cafes, traditional Korean restaurants and a bikeshop with a prolific crypto-supporting owner have given them early momentum.
Since the company handles only the Korean won price, Coinduck is the one holding the short end if the price of Ethereum suddenly plummets after the transaction. Cho says Coinduck avoids volatility problems by buying and selling the ethereum instantaneously upon receiving it, holding the transaction fee and an emergency reserve in Korean won.
As for the worries of the crypto regulations, Coinduck seems to hold the liabilities rather than the venues if things go sour as the shops never touch the cryptocurrency.
“It’s not legal exactly, but it’s not illegal either,” says Cho. “There are no other laws that can constrict this action. If some laws are made about cryptocurrency….we will fit our services in that law.”
Jinyoung Park contributed to this article.