Skyline Becomes the First Ever Club in Singapore to Accept Cryptocurrency as Payment for Drinks and Foodby Company Announcement November 27, 2017
Blockshow Asia, the largest gathering of the crypto community in Singapore will be attended by industry pioneers, enthusiasts and keen investors alike. During the 2-day event, Skyline will be accepting cryptocurrency as payment for drinks and food.
The cryptocurrency that will be accepted in this early trial run the first of its kind here in Singapore will be the widely traded, Ethereum. Customers will be able to use their Jaxx and Ethereum Free wallets to pay for drinks with Ether using the COSS Pos system in which is a pilot collaboration between COSS and Skyline.
Skyline operator Subaish Rajamanickam on the trial
“we hope to expand this 2-day trial of Ethereum acceptance as payment for drinks and food into a daily acceptance of multiple cryptocurrencies”.
How to pay with crypto?
The payment gateway is an e-Commerce merchant service allowing COSS users to authorize online payments sent through the platform. It is an effective marketing tool that supports multiple currencies, integrates the exchange rates, has speedy KYB process, reporting, integration and payment mechanisms:
The payment gateway offers COSS users multiple exchange rates from FIAT to cryptocurrencies. Reporting tools within merchant platform are aimed to simplify Merchant’s accounting; a payment link is a merchant tool which allows receiving payments for their products online quickly. The payment link is generated from the merchant’s profile.
It contains the information that a user requires to be able to pay for a specific item (the amount of crypto, the crypto-currency used and the merchant’s wallet address). This link can be sent to the customers through any means of communication, and when clicked on, it opens up a page similar to the Payment Gateway page.
Why accept crypto?
It’s the future of money. Singapore is widely regarded as one of the most crypto-friendly countries in the world, largely due to its stable politics, reliable infrastructure, and favorable business environment.
Incumbents such as major financial institutions are also investing time and resources in blockchain initiatives to keep themselves relevant in this fast-changing domain. Local banks such as DBS, UOB, and OCBC have participated in proof-of-concept of Project Ubin using the blockchain technology developed by R3– a distributed ledger platform that has integrated with Microsoft’s cloud service.
What is Ethereum (the currency being accepted)?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.