Fintech start-up Crypterium has collaborated with mobile payments firm Liquid Group to develop an open platform, which will enable users to make instant crypto-to-fiat payments using QR codes at merchants.
Under the partnership, Liquid Group will launch an entity focussed on the development of a payment acceptance network for virtual currencies.
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The new open platform, touted as the first of its kind worldwide, will be tested in a controlled test environment in Singapore. Participating merchants will get payments in fiat currency.
Liquid Group CEO Jeremy Tan said: “We will be working very closely with our service partners and regulators to make the pilot a success.”
During the trial phase, the platform will be evaluated for technological implementation areas. These areas include end-to-end transaction speed management as well as interoperability between different cryptocurrencies.
Crypterium COO Austin Kimm said: “We are very excited about this partnership as it allows us to expand the use of crypto in everyday life to Singapore that works towards becoming an innovative mobile payments country.
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By GlobalData“Consumer interest towards cryptocurrency is also growing every day, thus we believe the option we offer will help merchants to maximise productivity and business outcomes by engaging with a high potential group of customers.”
