Crypto Payment Organisations in Singapore
Singapore is a well-known economic powerhouse that is small in size, yet home to over 5.6 million people. This little nation sits strategically in SE Asia as a key international centre of trade which connects the US, Europe, Middle East, Australia, and Asia.
With no natural resources, Singapore’s rise to success depended heavily on its economic policies. This also allowed for less strict regulations and, consequently, for more crypto-related startups to appear. How many, then, of these established crypto payment organisations are there in Singapore? Below we have compiled a few examples of these.
Litecoin was of the earliest cryptocurrencies, created in 2011 by developer Charlie Lee. While some call it the “silver to Bitcoin’s gold,” the cryptocurrency is itself a fork of the Bitcoin code base. The main difference is that it was altered to allow faster transactions than Bitcoin. It has an altered consensus mechanism (ie. group of people/nodes making a decision).
Cryptocurrencies, like stocks, are valued by multiplying the value of one coin by the total number of coins issued. The result of this multiplication is the coin’s market cap. All coins are then ranked from highest to lowest market cap value. Litecoin is currently in 7th position as per these global rankings.
Litecoin was created to be a less-costly alternative to Bitcoin, and also serves as a digital currency for use between businesses and individuals. The project is a non-profit registered in Singapore as the Litecoin Foundation.
There is a long line of supported hardware wallets and digital wallets to handle Litecoin transactions. Some notable ones, according to the Litecoin Foundation store, include Safepal S1, Ellipal Titan and Ledger Nano S. There is also a line of digital wallets for mobile and desktops, like Litewallet, Exodus, and TenX.
TenX was founded in June 2015 as OneBit, and their focus has always been bitcoin payments. The vision was to have assets on the blockchain for everyone in the world to use.
By 2016, they were incubated by Paypal, where they received their first outside investment. During this time, they rebranded their name to TenX. The new vision now incorporates the usage of more crypto within their system.
Additionally, the TenX Card was launched in 2017. However, Visa terminated their partnership soon after, which the company claims was unrelated to their business. This followed with a second re-launch of the card in 2019.
TenX is a digital wallet and physical card that allows users to make global payments using Bitcoin, Ethereum, or Litecoin. TenX customers are able to spend their digital assets in over 200 countries and at 42 million vendors globally.
TenX payments allows for spending at any store that accepts Visa. Even if the store doesn’t accept crypto, the TenX card allows for payments with crypto assets. The crypto gets exchanged into fiat, from the backend, and then it goes to the store as a payment. Still, the TenX physical card is only available for people living in Australia, New Zealand, Singapore, Hong Kong, Malaysia, and Thailand. The company does, however, plan to launch in European markets soon.
Although not an organisation, the Ubin Project is a collaboration between companies and the Singaporean government. More specifically, the Monetary Authority of Singapore, Deloitte, and a long list of bank partners.
The project was founded in 2016, with the goal to explore and develop Blockchain and Digital Ledger Technology (DLT) for the banking sector. DLT is similar to blockchain, but with one key difference: nodes (ie. servers) are held by the institutions using them, making them more controlled by the partners rather than by the public to assist in its monetary policy.
The project is a multi-year, multi-phase plan to experiment with the technology and determine its ideal use case for the banking sector.
About Ubin Project
The project recently finished the 5th phase of its roadmap. It will be putting together a public report of its results in early 2020. Its most recent announcement from November 11th, 2019 claims that the project has created a blockchain-based prototype that can handle different currencies on the same network.
The results showcased a more cost-effective system than what the current banking system uses. It is still unclear whether institutions will adopt the technology built from the project, but the results show promise for the future.
The Future of Crypto Payments in Singapore
Aside from its growing popularity as a destination for crypto projects, Singapore remains a popular country in which to do business. The country offers some of the world’s most open and fairly regulated policies.
Only time will show how the country’s crypto sector develops. Until then, it’s important to keep an eye on their top projects. As well, keep an eye on Singapore as it continues to establish itself as a global authority in the blockchain industry.
What do you think about Singapore? Are there other countries that are taking the storm in the Crypto Payment sector?
If you like the article, consider tipping and following so you don't miss any of my content. Also check out the project I am connected with called SideKick. Sidekick is the messaging, payments, and marketplace ecosystem for individuals, businesses, educators, and influencers which uses blockchain technology. You can visit their website by clicking here.