At a time when the crypto market has suffered another bloodbath and investors have lost billions of dollars, many businesses in Singapore have taken a big step toward crypto.
From online pet food and supplies store Kibbles and homegrown fashion brand Charles & Keith to luxury car retailer EuroSports, many businesses in Singapore have started accepting cryptocurrency in recent months.
In fact, Singapore’s homeware e-retailer &glazed (andglazed) has been already allowing customers to pay for their purchases using cryptocurrency even before it had the usual cashless payment options, as per a report in Channelnewsasia.
Bitcoin, Ethereum and Litecoin are among those accepted at its checkout page since the start of the year.
However, the take-up rate has been “very low”, with cryptocurrency payments making up just 1% of total orders, according to &glazed’s Lionel Lim.
Bitcoin was used in all of these transactions, with the order size averaging S$33.
Businesses that spoke to CNA (channelnewsasia) said they see the potential to attract new customers as cryptocurrency ownership grows in Singapore and abroad.
Charles & Keith, which rolled out cryptocurrency as a payment mode on its e-commerce site in March 2022, said it did so “to benefit those who own cryptocurrency and might be seeking additional channels where they can purchase goods and services using their investments”.
Since the launch, Singapore-based customers have reportedly made up 70% of the cryptocurrency transactions on
Charles & Keith’s site. Ethereum was the most popular digital currency, accounting for half of the payments, as per the CNA report.
For pet food and supplies store Kibbles, allowing customers to pay with digital currencies brings added advantages of simplifying cross-border transactions and lower foreign exchange fees when it takes on orders from overseas, said founder Andrew Lim.
Like &glazed, both Charles & Keith and Kibbles too had reportedly signed up with cryptocurrency payment gateways.
Rising Crypto Adoption
Besides this increased crypto acceptance in Singapore, there have been many other positive signs for crypto worldwide. Last month, US-based Porsche dealer ’Porsche Towson’ began accepting crypto payments for car sales. Before that, Goldman Sachs became the first major US bank to announce over-the-counter crypto trading.
Moreover, a cafe in Thailand even gives ‘crypto-related advice’ alongside coffee and cakes!
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