Bizkey launched “token day” on the 10 year anniversary of cryptocurrency in an attempt to make crypto more popular amongst the masses. Singapore has been the home for dozens of crypto start-ups but it is still missing from the lives of common masses.
Crypto Start-Up Culture in Singapore
56 ICOs (Initial Coin Offerings) were closed in the first five months of this year raising over 1 billion USD, according to PwC. And the record of 2017 was 35 ICOs raising a total of 641 million USD.
Token day is an initiative to promote Cryptocurrency in a retail setting and on a large scale in Singapore. It will be held from October 31st to November 18th. 30 retailers around Chinatown in Singapore will be accepting various cryptocurrencies as payment. Bizkey has developed an intelligent blockchain POS (Point-of-Sale) device which public can use to pay retailers. Cryptocurrencies including Zilliqa coin (ZIL), Ethereum (ETH), Aelf coin (ELF) and Binance Coin (BNB) at participating retailers.
Monetary Authority of Singapore (MAS) made Singapore somewhat of a crypto capital when it issued guidelines in November 2017. MAS differentiated security tokens (a tokenized form of equity) and utility tokens (a coupon representing future access to a company’s products or services) through the guidelines.
The Masses and Crypto
Crypto has been a big part of the Singaporean market but its majority use has been limited to a few. Ken Huang, CEO, and Co-founder of Bizkey said, “Although cryptocurrency was first invented 10 years ago, very few people in the world have the chance to actually use it to buy products and services. We want to change this through Token Day, which will be the first time that retailers in Singapore will accept cryptocurrency as payment, on such a large scale. In Singapore, we estimate there are about 10,000 to 15,000 people who own cryptocurrency, who are likely to be tech-savvy males in their mid-20s to early 40s. We hope these individuals and the wider public will be keen to try out the novelty of being amongst the pioneering cryptocurrency spenders in Singapore,”.
Promotion and widespread of the already thriving blockchain ecosystem is the reason behind this launch. Crypto start-ups and businesses are trying to promote retail usage of the currency in order to make this decentralized currency more popular. Once the Cryptocurrency payment system is adopted by general masses, the culture will thrive and will lead the market to a secure future.
In order to revolutionize the retail market and help secure local retailers from frauds such as money transfer delays, payment frauds, accounting, and logistics mass acceptance is necessary. And the features that crypto have will easily gain popularity amongst people. It is convenient, easy and secure.
Hotel 1887, located in Chinatown district, is one of the popular tourist hotels participating in the Token Day. Jonathan S., the Head of Operations of the hotel said, “We want to expand our payment options and cater to the needs of different customers, including cryptocurrency holders. Tourists can also enjoy the benefit of cryptocurrency payment as it allows for hassle-free, cross-border payments with low transaction fees.”
Singapore is likely to become one of the first fintech hub and take their population forward in this modern era.