Singapore-Based Carpooling Platform Support Bitcoin Payments

Singapore-based car-pooling platform support bitcoin payments. On June 22, Bitcoin (BTC) support will be built into the company’s wallet Rydepay and users can leverage the crypto asset after that date.

The BTC is transformed into the Ryde tokens, so they can create a balance for carpooling needs. Ryde outlined that customers can deposit BTC dollars worth around ($725) 999 Singapore dollars into the application.

Additionally, in the near future Ryde will fund more crypto-assets. The founder and CEO of Ryde, Zou said the coronavirus outbreak invoked a trend towards digital payment services.

He shared that “Covid-19 has accelerated the shift towards digital payments and Ryde is set to be a game-changer for cryptocurrency adoption in Singapore — As consumers get used to paying for ride-hailing services through Bitcoin, we envisage that this will be a catalyst that spurs the mass adoption of cryptocurrencies here”. 

The government of Singapore is also becoming lenient to the adoption of Bitcoin and crypto assets by mainland businesses. A number of crypto-currency exchanges are now being allowed to operate for a six-month grace period within the territory this year. Zou and Ryde think that crypto acceptance and the network impact of bitcoin would gradually seep into creating more merchants based in Singapore.

Additionally, Singapore-based firm Three Arrows Capital has just purchased 6% of the $3.5 billion Grayscale Investment Bitcoin Trust (GBTC).

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