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Pay for a new bag in bitcoin? Some businesses in Singapore now accept cryptocurrency payments

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SINGAPORE: Even before it had the usual cashless payment options, homeware e-retailer &glazed was already allowing customers to pay for their purchases using cryptocurrency.Bitcoin, Ethereum and Litecoin were among those accepted at its checkout page since the start of the year, before other familiar options such as PayNow were added.Co-founder Lionel Lim made the less-typical decision, partly due to his interest in the burgeoning space.

He invests in cryptocurrencies, and also holds a full-time job at a crypto exchange based in Singapore.Besides, having as many payment methods as possible would be the way to go for an online store, he said.“We want to make it as seamless as possible – to the extent that whatever you want to pay with, we got it,” he told CNA.So far, it seems very few are willing to part with their digital currencies.

The take-up rate has been “very low”, with cryptocurrency payments making up just 1 per cent of total orders, according to Mr Lim.Bitcoin was used in all of these transactions.

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