{"id":64232,"date":"2023-11-11T16:32:20","date_gmt":"2023-11-11T20:32:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=64232"},"modified":"2023-11-11T16:41:55","modified_gmt":"2023-11-11T20:41:55","slug":"singapore-startup-dtcpay-launches-retail-crypto-payments-system","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapore-startup-dtcpay-launches-retail-crypto-payments-system\/","title":{"rendered":"Singapore Startup Dtcpay Launches Retail Crypto Payments System"},"content":{"rendered":"\n

Singapore-based dtcpay is launching a payment system <\/a>that will use fiat and cryptocurrencies for in-store and online payments. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In its announcement, the corporation highlighted Bitcoin (BTC $37,190), Ether (ETH $2,078), and Tether (USDT $1.00). The business is collaborating with Allinpay International to develop smart terminals and a digital interface and with open-source blockchain PlatON to provide privacy-protected digital infrastructure. <\/p>\n\n\n\n

Major payment institutions Dtcpay and Allinpay are registered with the Monetary Authority of Singapore<\/a> (MAS). A representative for Tonghua International, the parent firm of Allinpay, stated:<\/p>\n\n\n\n

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“This cooperation will [\u2026] Help merchants better adapt to the modern payment trend and meet the needs of young consumers.”<\/p>\n<\/blockquote>\n\n\n\n

Dtcpay will integrate new cryptocurrencies into the new service and swap fiat. Point-of-sale and online checkout are already offered. In September, dtcpay signed an arrangement with Singaporean point-of-sale company Jeripay to provide cryptocurrency payment services on its 8,000-terminal network, and it also secured a contract with London-based Sumsub to supply Know Your Customer services<\/a> for the dtcpay digital wallet.<\/p>\n\n\n\n

Dtcpay, founded in 2019 and formerly known as Digital Treasures Center\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, was chosen in November 2022 to participate in Mastercard's Mastercard Start Path program for blockchain and cryptocurrency entrepreneurs. The real estate company Pontiac Land Group backed it in a pre-seed fundraising round in June.<\/p>\n\n\n\n

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Dtcpay last month raised $16.5 million in a pre-Series A round led by Kwee, the chairman of Pontiac Land. The investment will see some of Pontiac Land\u2019s hotels soon accept payments in crypto: by @zinnialee23<\/use><\/svg><\/span><\/a> https:\/\/t.co\/D5vdnHBtYL<\/use><\/svg><\/span><\/a><\/p>— Forbes Crypto (@ForbesCrypto) July 17, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Electronic payments are widespread in Singapore, which is thought to have proactive cryptocurrency legislation, including consumer protection. In October, MAS granted major payment institution licenses to Coinbase and Ripple. <\/p>\n\n\n\n

The city-state is also experimenting with digital currency issued by the central bank, but according to the MAS, there is “no urgent use case” for a retail CBDC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore-based dtcpay is launching a payment system that will use fiat and cryptocurrencies for in-store and online payments. In its announcement, the corporation highlighted Bitcoin (BTC $37,190), Ether (ETH $2,078), and Tether (USDT $1.00). The business is collaborating with Allinpay International to develop smart terminals and a digital interface and with open-source blockchain PlatON to […]<\/p>\n","protected":false},"author":43,"featured_media":64234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17159,17158,931],"class_list":["post-64232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-payments-system","tag-dtcpay","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/croc_1699731486477.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=64232"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/64234"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=64232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=64232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=64232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}