How Singapore’s Bitcoin Scene is Punching Above its weight
Singapore is a tiny island state in Asia, a mix of the east and west, but has been making waves in the Bitcoin world.
1) It has the highest density of Bitcoin ATMs in the world
There are 8 Bitcoin ATMs in Singapore from 4 different makers (2 of which are from Singapore), and they are all located around the central region. It boasts Asia’s first Bitcoin ATM, as well as Asia’s first Robocoin (2 way machine with cashing out). This has even led tourists from Czech republic to take a tour of the Bitcoin ATMs in Singapore!
2) Singapore based Point of Sales systems are used worldwide
Singapore is home to 2 Point of Sales Bitcoin solutions for merchants, Coin of Sale and Coinpip. Coin of Sale was recently on coindesk for its video campaign, and is used in Subways on the other side of the world. Coinpip on the other hand, has expanded strongly into Asia, especially Hong Kong.
3) The Payment processor Gocoin, is headquartered in Singapore
Gocoin, a payment processor that also takes altcoins in litecoins and dogecoins, has received funding from Bitcoin Shop and former facebook COO Owen Van Natta to the tune of $1.5m. It’s the counterpart to Bitpay and Coinbase from the other side of the world. It’s other high profile tie-ups has been to be the payment processor for KNCminer, which produces ASIC miners.
4) Bitcoin Exchanges FYBSG and ItBit
Exchanges are one of the most contested parts of the bitcoin ecosystem in the world, with most of the bitcoin companies being exchanges. Despite Singapore’s small size, FYBSG has a presence in Sweden, Europe, and ItBit has been targeting the world. ItBit has been in the news several times for the considerable funding it raised, making it one of the largest sums in the world and more so in Asia.
Singapore was one of the first few countries to give clear regulations for Bitcoin, and though it will necessarily change with time, it does look as if there is engagement and willingness to experiment with the development of Bitcoin in the city state which has historically been pro business. A hands off approach is currently taken with Bitcoins in Singapore. A lawyer from law firm Rajah and Tann has noted the need to keep abreast of technology, instead of ignoring it.
6) Expanding meetups
The Bitcoin Meetups in Singapore has been growing from strength to strength, with people flying in from around the way. The latest meetup had Bitcoin foundation chairman Peter Vessenes, and the upcoming Rise Meetup has organisers coming in from Hong Kong. The community has been only been growing exponentially bigger, and more and more merchants have been encouraged to take up bitcoins.
7) The Fun is spreading to other countries
The enthusiasm has also spread to other countries, such as Japan, where NHK aired a piece on the Bitcoin scene in Singapore.
In addition to one of leading financial centers of the world, it looks very possible for Singapore to soon become one of the Bitcoin centers of the world.