Singapore carpool service provider Ryde Technologies, which has offices in Sydney, Hong Kong and Kuala Lumpur, will allow its customers to pay for their carpool ride in the world’s most coveted cryptocurrency, Bitcoin (BTC) via the Ryde mobile app. Similar to what popular Singapore ride-booking app Grab is doing, Ryde has also launched an in-app digital wallet. The only difference is that Ryde’s wallet accepts cryptocurrency, namely Bitcoin and the firm’s own proprietary coin, the RydeCoin.
One RydeCoin is equivalent to 1 Singapore dollar (~0.72 USD) and what riders can do is top up their Ryde wallet with a maximum of $999 SGD’s worth of Bitcoin, then have it converted into RydeCoin for use on the app, according to Coindesk.
“I have been watching the developments of this particular space and increasingly I’m sanguine about the prospects of cryptocurrency and its usage,” Ryde Technologies Founder and CEO Terence Zou said.
The crypto industry is consistently working towards accelerating mass adoption of cryptocurrencies and plenty of products which increases the accessibility and convenience of cryptocurrency payments have been explored. The use of Bitcoin in daily small purchases, however, have been met with differing views with a majority of cryptocurrency holders reluctant to spend their treasured Bitcoin over a cup of coffee, groceries or possibly, their ride-booking apps.
Ryde plans to offer Ethereum as an additional cryptocurrency option in the next nine months after the launch of this new feature.
You may also want to read: Thai Ministry of Finance Launches “SBM Wallet” to Sell Government Bonds Using Blockchain
