BitX continues to swim in Asian waters as it establishes a partnership with Singapore-based alternative payments gateway provider Codapay to offer Bitcoin transactions in Southeast Asia. Due to this alliance, Coda is the first mercantile in the area to accept digital currencies for online purchases.
“We’re seeing tremendous growth in Bitcoin activity in Southeast Asia and we believe that Bitcoin will play a significant role in enabling fast, cheap and safe online transactions for large segments of the population that were previously excluded from this market,” says BitX CEO, Marcus Swanepoel.
Analogous to other offerings in the Bitcoin ecosystem, BitX will allow real-time money conversion from the user’s local currency and Bitcoin collections. Coda will then take care of the rest of the processes. This includes commercial acquisition, incorporation, and clearances.
“Given the low penetration of debit and credit cards in the region, we think Bitcoin holds great promise as a way for customers to transact online,” says Coda CEO, Neil Davidson.
This is not the only friction in the Singaporean Bitcoin market as Mexican Exchange meXBT has acquired another Singaporean Bitcoin broker/consultation firm, aiming to expand its operations through the Asian regions. It acquired Coin Republic, a distinguished Bitcoin exchange company for it is one of the only cryptocurrency services that do not hold customers’ funds, but transfer them directly to the assigned receivers. Coin Republic has accomplished an awesome notoriety of being a protected and secure technique to trade Bitcoins that permits clients to restrain their dangers of losing assets.
BitX has had astonishing development. As of late, the organization has coordinated a broadcast appointment installment framework, ventured into Nigeria, and raised US$4-million from South African media monster Naspers. All eyes are in these startups, and who knows how they will infiltrate this booming market next? Perhaps merchant solutions is just a step to more innovation as applications of the cryptocurrency tech evolve more aggressively.
