A Singapore-based startup launched May 7 in two separate events the world’s first Bitcoin prepaid cards in aim to make the acquisition of the virtual currency easier and simpler.
8pip, a CoinPip-affiliated company, unveiled the Bitcoin prepaid cards at Startup Asia Singapore 2014, a two-day conference showcasing new tech startups, and at Boost: Bitcoin event, Singapore’s first event focused on celebrating and promoting the use of cryptocurrencies.
Through the startup’s Bitcoin prepaid cards, customers will be able to purchase bitcoins without having to visit a Bitcoin exchange online. They simply have to buy these physical cards and then redeem the equivalent value in Bitcoin on the CardtoCoin website.
CoinPip and 8pip Co-founder Anson Zeall said CardtoCoin will make this virtual currency more accessible to the public, especially through a less daunting process.
“At the moment, Bitcoin or cryptocurrency exchanges are the most common ways to get Bitcoin. The problem is, unless you’re a seasoned stock trader, the process to get Bitcoin is still very complicated and intimidating,” he added. “With CardtoCoin, you can simply buy a card with S$20 worth of Bitcoin and then redeem it online with your tablet, phone, or PC.”
The introduction of the Bitcoin prepaid cards follows the availability of the US-based 37coins’ SMS Bitcoin wallets in Singapore through the initiative of CoinPip, a Bitcoin payments system company in the country.
With these new technologies, customers may be able to redeem bitcoins from the cards through a simple SMS command as plans are currently being worked on. If this succeeds, Bitcoin users will be able to load their wallets using easy and convenient ways using their mobile devices.
Once the Bitcoin prepaid cards find their way to the rest of the world, users from different countries will begin to benefit. Likewise, land-based and online establishments, retailers, and other industries like Bitcoin gambling are expected to experience an increase in sales and customers.