Victor Ugochukwu · Dec 14, 2020 . 5min read
Singapore-based Fincy launches crypto support on its platform
Singaporean fintech firm Fincy has announced the introduction of cryptocurrencies on its platform that will enable users to make purchases and trade.
By Shilika · Aug 5, 2020 . 5min read
Singaporean fintech firm Fincy has launched cryptocurrency capabilities on its platform. The increasing adoption of crypto in 2020 has led the firm to provide crypto services for its users.
Fincy has added several cryptocurrencies including Bitcoin and Ethereum. Users will be able to make a direct transfer from their cryptocurrency wallets to their Fincy equivalents. Fincy users will be able to purchase goods and services using their wallets, trade one crypto for another, or convert their crypto assets into fiat currency.
Fincy CEO Vanessa Koh made the following statement:
“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. By supporting crypto and tokens directly in the Fincy app, we are giving our Singapore users and merchants even more ways to transact.”
” 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. 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.”
Fincy’s journey so far
Fincy is only about a year old. It started with the purpose of bringing convenience to cryptocurrency holders. The firm offers almost 0% transaction fees along with contactless payments. The app itself allows users to interact with other individuals creating a mini social network. Fincy’s platform was developed using the same blockchain protocol used by the Yatai City in Myanmar.
Earlier this year, the firm managed to raise $11 million, which will help in growing its operations in Asia. It received the funding from GBCI Ventures which is a private equity firm from Singapore. It will also set aside $1 million to hire 50 professionals to work on technology upgrades and compliance. The company already operates in Phnom Penh, the capital of Cambodia. Going forward, Fincy has intentions of launching its token-based loyalty system.
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