Singapore Hosts Token Day To Promote Cryptocurrencies

Karan Balwani

November 1, 2018 2:57 pm

Cryptocurrency News

Singapore Hosts Token Day To Promote Cryptocurrencies
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Following the 10 anniversary of Bitcoin’s launch, Bizkey has launched Token Day in Singapore. The blockchain-powered point-of-sales platform hopes to encourage users to purchase cryptocurrencies. This Token Day will be celebrated between October 31 and November 18th and it will educate the general population on the use of digital assets, allowing more people to invest in cryptocurrencies.

Bizkey’s CEO and co-founder Ken Huang issued an official statement on their initiative

“Although cryptocurrency was first invented ten years ago, very few people in the world have the chance to actually to use it to buy products and services. We want to change this thorough Token Day, which will be the first time that retailers in Singapore will accept cryptocurrency as payment, on such a large scale,”

According to his estimates, around 10,000 to 15,000 people in Singapore own digital assets. Most of these people are in the age range of mid-20s to early-40s and are tech-savvy males.

“We hope these individuals and the wider public will be kept to try out the novelty of being amongst the pioneering cryptocurrency spenders in Singapore.”

Huang said that 30 retailers in Singapore will be participating in Token Day and they will be based around Sinapore’s Chinatown. During this event, the retailers will accept digital currencies as payment for their goods and services. The public can also use Bizkey’s intelligent blockchain point-of-sale (POS) device to make their payments in cryptocurrencies. The currencies that people can use include Ethereum (ETH), Binance Coin (BNB), Aelf coin (ELF) and Zilliqa Coin (ZIL).

Notably, Hotel 1887, Koryo Mart and SK Jewelry will also be participating in this event as merchants.

Singapore is hailed as the global center for cryptocurrency trade ever since the Monetary Authority of Singapore (MAS) published rules in November 2017 outlining the definition of security and utility tokens. Under these guidelines, security tokens are considered tokenized equity and utility tokens are coupons that can be used for prepaid access to a product or service.

In the first two quarters of 2018, 56 Initial Coin Offerings (ICOs) reached their funding goals in Singapore. This is based on the information that was provided by the PWC. These ICOs managed to raise over $1 billion. Comparatively, 35 ICOs were able to raise just $641 million last year.

 

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