According to a press release today, Singapore-based blockchain solutions provider Tembusu Systems will begin trial implementation of its virtual currency payments using the flagship TRUST system on June 10, 2015.
The company’s TRUST System – Tembusu Reputation-based Universally Secure Transaction System – uses the same technology as that behind the cryptocurrencies such as Bitcoin, Litecoin, Dogecoin and others, and allows users to make payments using different currencies – fiat, digital, and even gold and silver.
Andras Kristof, Co-founder and CEO of Tembusu Systems said, “TRUST is taking its first step into getting widespread adoption and integration with existing systems. We’re planning to try out several possible use cases with current payment systems in Singapore, and the success of this trial will see the use of digital currency payment systems being extended into real-world context.”
The trial implementation will require a gadget such as a computer or even a mobile device to be attaching to existing POS systems. After a successful integration, businesses will have transformed their payment system into simplified, self-auditing, cashless system with low running costs. The underlying blockchain technology will record all the transactions for the business owner’s perusal.
The blockchain-based next-generation TRUST platform allows consumers to withdraw cash through participating businesses by processing currencies from their digital wallets to the Point of Sale (POS) systems. Businesses will then be able to cash out the digital payment into cash for consumers over the counter.
About Tembusu Systems
Tembusu Systems Pte Ltd was founded in October 2013 as a digital currency platform provider. In February 2014, the company launched Asia’s first Bitcoin ATM, Tembusu Prime Bitcoin ATM in Singapore.
Later in 2014, the company decided to shift their focus away from Bitcoin and focus on developing their own proprietary blockchain-based platform called the TRUST System. The company has since then been rolling out solutions for common people, businesses and even governments based on the TRUST framework.
In Jan, 2015, the company raised $1.12 million Singapore dollars in a closed financing round.