Singapore begins three-week ‘Token day’ to promote crypto to retailers
Bizkey celebrates Satoshi by kitting out retailers to accept crypto.
To celebrate the 10th Anniversary of Bitcoin, Point-of-Sale device make Bizkey put has together ‘Token Day’ for Singapore retailers. Marking the October 31st publication of Satoshi’s white paper 10 years ago, it kitted out 30 traders with the ability to accept payments in a range of crypto using its devices – a great idea, and one designed to get consumers and retailers used to the idea of using crypto in a retail setting. As we’ve previously reported, that’s something that’s tremendously hard to do, as it happens.
However, Token Day appears to be something of a misnomer, as the event will run on until November 18th. ‘Token 20 Days’ is nowhere near as catchy, we guess.
Ironically, Bizkey’s intelligent blockchain point-of-sale device does not accept payment via Satoshi’s creation, but is primed to process Ethereum (ETH), Binance Coin (BNB), Aelf coin (ELF) and Zilliqa coin (ZIL) at participating retailers, should consumers wish to utilise it.
Singapore somewhat leads the way in terms of crypto acceptance, with its Monetary Authority of Singapore (MAS) issuing guidelines as almost a year ago, differentiating between security tokens and utility tokens. However, retail take-up still needs the kind of push that initiatives like this can provide.
“Although cryptocurrency was first invented 10 years ago, very few people in the world have the chance to actually use it to buy products and services,” said Bizkey CEO Ken Huang. “We want to change this through Token Day, which will be the first time that retailers in Singapore will accept cryptocurrency as payment, on such a large scale.”
“In Singapore,” he added, “we estimate there are about 10,000 to 15,000 people who own cryptocurrency, who are likely to be tech-savvy males in their mid-20s to early 40s. We hope these individuals and the wider public will be keen to try out the novelty of being amongst the pioneering cryptocurrency spender.”