Hong Kong is one of the financial powerhouses of Asia. The region is home for some of the leading Hong Kong is one of the financial powerhouses of Asia. The region is home for some of the leading financial institutions. However, the adoption of cryptocurrency in Hong Kong leaves a lot to be desired.
Coinify, the Denmark-based cryptocurrency payment solutions provider have recently partnered with Hong Kong-based payment services company – iPayDNA to introduce bitcoin payments in the region. This partnership with iPayDNA will allow the leading payment processor to include bitcoin payments option to its services in Hong Kong and other countries of operation.
The services rendered by iPayDNA is currently available in Hong Kong, Malaysia, Philippines, Mauritius, UK and Gibraltar. Through iPayDNA, Coinify will be making its foray into the Asia Pacific region. In addition to bitcoin, merchants using iPayDNA will also be able to accept 16 additional cryptocurrencies.
The list of blockchain based currencies accepted by Coinify, and now iPayDNa are – Bitcoin, Litecoin, Ether, Startcoin, TetherUSD, Dogecoin, Reddcoin, Peercoin, Hyper, StorjX, nubits, Digibyte, Mintcoin, Ripple, Mastercoin and Counterparty.
The Asian market offers a range of opportunities to cryptocurrency platforms. Some of these Asia Pacific nations receive a considerable foreign inward remittance from its citizens residing and working outside the country who send it to their families back home. Bitcoin has already proven itself to be an attractive option for making overseas fund transfers. Having cryptocurrency payments processors in the region will encourage the country’s emigrant population to use digital currencies for overseas money transfer. These digital currencies can then be readily utilized by the recipients on Coinify and iPayDNA like platforms without having to exchange it for fiat currency
Merchants using the digital currency payments option on iPayDNA or Coinify will be receiving the payments collected from their customers in the form of fiat currency. The money will be directly transferred to the merchant’s linked bank account within days.
When it comes to bitcoin and digital currency, regions like Hong Kong are still slow in adoption, mainly due to lack of proper channels. However, the introduction of the new feature on iPayDNa will soon change the scenario. institutions. However, the adoption of cryptocurrency in Hong Kong leaves a lot to be desired.