BitX had recently collaborated with the local payments gateway company in order to serve the unbanked and the underserved population of Southeast Asia. The Bitcoin exchange will provide instant currency conversion services at PoS to mitigate the Bitcoin volatility risks for merchants.
Coda Payments which caters to markets such as Indonesia, Malaysia, Philippines, Thailand, Vietnam and Singapore, boasts of customers in excess of 500 million.
The Singaporean exchange has openly expressed their affection for emerging economies because of high-growth potential. In July, the company raised US$4 million in Series A funding round from multimedia and internet services giant Naspers.
BitX CEO Marcus Swanepoel said: “We’re seeing tremendous growth in Bitcoin activity in Southeast Asia and we believe that Bitcoin will play a significant role in enabling fast, cheap and safe online transacting for large segments of the population that were previously excluded from this market.”
“We are particularly pleased to partner with Coda given their deep local knowledge and presence across multiple markets.”
Coda CEO Neil Davidson is optimistic of the future of Bitcoin given the low transaction fees and universal accessibility of Bitcoin.
“Our mission at Coda is to support any payment channel that will help our merchants monetize better in Southeast Asia.”
Founded in 2013, the Bitcoin exchange currently operates in emerging economies such as Indonesia, Malaysia, Philippines, South Africa, Kenya, and has recently added Nigeria. The company recently reported a boost in Bitcoin usage in the Indonesian market.
This deal, apart from benefiting the local consumers and merchants with cost reduction and instant transfers, will likely shake up the payments market in the long run. As more people become aware of Bitcoin and how easy it is to use, it will force the payments giants to lower their prices as well.