Fincy, A Singapore-based fintech, has added cryptocurrency support on its platform for both retailers and merchants, the company announced on Tuesday. This came with the increasing demand for cryptocurrencies and the recent crypto market rally.
“Cryptocurrencies are an important part of the future of contactless payments in Singapore. They complement existing systems really well and are gaining popularity as an efficient and trusted payment medium,” Fincy CEO Vanessa Koh said in a statement.
The platform has added multiple popular digital currencies including Bitcoin and Ethereum and will allow transfers from cryptocurrency wallets directly to Fincy wallets. In addition to transfers, the platform users can trade the cryptocurrencies, converted to fiat, or even spent at supported merchants – all within Fincy. “By supporting crypto and tokens directly in the Fincy app, we are giving our Singapore users and merchants even more ways to transact,” .
Fincy was established last year and is simplifying currency exchange via its multi-currency wallet, at wholesale exchange rates and with transaction fees as low as 0 percent. The app also allows its customers to make contactless payments and also facilitates an in-app social network. Its services are built using the Building Cities Beyond (BCB) blockchain protocol, meaning the company is not new to decentralized technology.
“Our secure, immutable blockchain infrastructure supports thousands of low-cost transactions per second, meaning merchants will no longer have to pay the high fees normally associated with non-cash payments,” the CEO said. The startup also raised $11 million in June from its parent GBCI Ventures to expand its presence across Asia.
The platform also has plans to launch a token-based loyalty system that will allow merchants to issue custom tokens for Fincy users. “Online merchants can vastly increase the number of payment options, while offline merchants will be able to enjoy contactless payments without having to worry about holding multiple currencies. And with the implementation of our loyalty system, merchants will see even more benefits,” .