Not long ago, Singapore Bitcoin payments system startup CoinPip brought US-based 37coins’ SMS bitcoin wallets to Singapore in a bid to make Bitcoin transactions simpler for the public. Now, Singapore-based startup 8pip wants to go one step further by introducing what it claims are the world’s first Bitcoin prepaid cards. The team will launch the cards at Startup Asia Singapore 2014 on May 7, as well as at Singapore’s first BOOST:Bitcoin event, an event aimed at promoting and celebrating the use of cryptocurrencies.
A CoinPip-affiliated company, 8pip’s Bitcoin prepaid cards allow customers to purchase Bitcoin by buying physical cards, and then redeeming the card’s equivalent value in Bitcoin currency online at the CardToCoin website. As soon as customer details are keyed in, Bitcoin funds will promptly be transferred to the customer’s Bitcoin wallet.
8 pip is also the holding company of CardToCoin. Plans are under way to let users redeem the cards using a simple SMS command, thereby making Bitcoins even easier to get a hold of. (See: Here’s our map of Singapore’s Bitcoin ATMs) Anson Zeall, co-founder of both CoinPip and 8pip, believes that CardToCoin will make bitcoin even more readily accessible to the general public, and also demystify it for those who can’t wrap their head around it.
“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 said. “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.”
More details on CardToCoin retail partners and future 8pip product plans will be announced over the next two months – stay tuned.