Singapore automobile company Ryde has recently announced launching its own crypto application that would enable users to pay for services with crypto.
The first service for BTC trips.
Ryde is a social company that promotes automobile passenger transportation. The company claims it has become the first in Singapore to provide the service developed in 2014 by Terens Zoy.
Before running its own business, Zoy used to be the partner and the investment director at Newfields Capital. He was involved in the private share capital and investment banking for over 20 years.
Harvard Business School alumni got an idea of launching Ryde after he spent several hours waiting for a taxi with his handfuls of purchases. And since there were hundreds of cars passing by, it occurred to him that there was some problem with optimization. And this problem should be solved.
This experience made Zoy think about launching its own project that was initially focusing on Singapore market where he lived at that time. In 2015 the firm announced it had managed to attract initial investment amounting to $1.5 million from strategic investors and benefactors whose indentities remain unknown.
The firm has recently reported its clients will be able to pay for trips with Bitcoins (BTC) in mobile application Ryde starting from June, 22nd. The company is going to do this job by issuing RydeWallet and RydePay coins. When a client wants to pay in BTC, the app converts it into Rydepay coins which are tied to Singapore dollars.
“COVID-19 has accelerated transfer to digital payments and Ryde should change the Singapore regulation for cryptocurrencies”, said Zoy, “once consumers are used to paying with BTC, we believe this would be the catalyst for massive implementation of cryptos”. Safe heaven” for the industry.
As we know, Singapore is one the most crypto friendly jurisdictions in the world. In January, 2020 a legislation on payment services of 2019 has come into force. This law enables some exchanges to work without license for six months.
Zoy said, “Singaporeans have crypto but it’s usage is restricted within the country. We can buy BTC in some ATMs and via exchanges but not many retailers accept it”.
In April, 2020 Inner Revenue Service published a guidance that explained that crypto would not be taxable received via AirDrop. The same goes for tokens got after hardfork. Singapore Three Arrows Capital hedge-fund launched in 2012 by Sou Jzhoy and Kyle Davis took the explanations into consideration. The fund bought 6.26% of stocks of Bitcoin trust Grayscale Investment for $3.5 billion. The share of hedge-fund is approximately 20 000 of 365 000 BTC that are currently stored in Grayscale fund on the names of investors.
The company is now competing with such giants as Uber and Grab that have also launched joint transport servicing. Speaking about his competitors, Zoy said, “We are running our own race. We were the first to do this and we concentrated on social issues of joint usage of cars. Our drivers are not working for taxi or bus services to reduce expenditures, meet new people and save the environment. We offer them a platform for new acquaintances and assisting people”.