Even with the volatility and bubble-like appreciation of Bitcoin, observers are noting that there is an increasing number of startups in Asia leveraging the cryptocurrency as a business model.

Startups like Bitspark in Hong Kong, and Bloom, Payphil, coins.ph and Satoshi Citadel Industries’ (SCI) remittance unit Rebit in Philippines are using Bitcoin as a transfer mechanism, rather than a currency, to capitalize on the millions of dollars sent monthly to and from countries such as Hong Kong, Philippines, Indonesia, Vietnam, Pakistan, Nigeria and Ghana.

Some remittance shops say that they are able to charge customers 25-75% less without the banking fees. However, the business model is said to be useless in countries like Hong Kong and Singapore where remittance fees are low and the competition is high.

 

Source: Reuters

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