South Korean crypto exchange Bithumb said it has joined hands with Bucket Studio, a local mobile content provider, to launch a commerce platform where customers can purchase products and services in bithumb cash.

By incorporating Bithumb’s blockchain payment technology, the commerce platform, named Bithumb Live, will serve as a new online marketplace. Customers will watch a live show promoting a product -- similar to TV homeshopping -- and pay with its currency, bithumb cash, later on, officials said.

Bucket Studio CEO Kang Ji-yeon will head the joint venture and appointed Han Sung-hee, chief operating officer of Bithumb, as vice president of Bithumb Live. Lee Yun-gu, the former platform development department head, was named as chief technology officer. Bithumb Vice President Cho Hyun-sik also joined as board member.

“We wish to seek synergy with Bithumb which has 6.8 million users and blockchain technology. We plan to expand cooperation to tap into other businesses such as nonfungible tokens and metaverse as well,“ Kang said.

The two companies have invested a combined 6 billion won ($ 5 million) and each hold a 37.5 percent stake.