Get full access to one story every week, and to summaries of all other stories. Just create a free account

Unless you’ve been living under a rock, you’d know that crypto is now at its vulnerable most, more volatile than ever before. Bitcoin—hovering in the US$30,000 price region—has lost almost 40% of its value since its all-time high in November 2021, when it was priced US$68,000. So if you’re a person in possession of a large number of crypto assets, would you rather sit tight or slowly start getting rid of them by buying stuff with crypto? In Singapore, some merchants are still pushing for crypto payments, making the latter an option.

Crypto payments facilitator TripleA claims to have seen a 10X increase in transaction volume over the past year, founder and CEO Eric Barbier tells The Ken. “We have seen a lot of demand from different merchants across different industries,” said Barbier. TripleA serves about 8,000 merchants globally, with about 20% of their revenue coming from Singapore. Singapore-based merchants include homegrown LVMH-backed fashion retailer Charles & Keith, online exclusive sportswear marketplace Novelship, and bespoke travel agency The Wander Clan.

TripleA and FOMO Pay are able to accept cryptocurrency in Singapore due to a Monetary Authority of Singapore (MAS) licence which allows them to use digital payment tokens (DPTs). They accept Bitcoin, Ethereum and stablecoins stablecoins Stablecoins Stablecoins are cryptocurrencies the value of which is pegged, or tied, to that of another currency, commodity or financial instrument.  USDT and USDC.

Licence to operate

TripleA is the fourth in Singapore to receive the DPT licence, after FOMO Pay, Australian cryptocurrency exchange Independent Reserve, and local bank DBS’ brokerage arm DBS Vickers.

So, who are the merchants seeking out their crypto payments services? Largely, those in the luxury bracket.

Explore more infographics like this in The Ken -
Visual Stories

After all, crypto payments would appeal to the crypto-rich, who have so much crypto that they need to spend it—as the bulk of their wealth lies in it. And luxury goods are a faster way to spend all that crypto. But this also limits the kind of merchants who can offer crypto payments. 

Globally, Gucci Gucci Cointelegraph Gucci the latest luxury brand to accept crypto payments in store Read more  is the latest luxury brand to accept crypto payments, joining fashion labels Off-White and Philipp Plein. Luxury watch brands including TAG Heuer, Hublot, Franck Muller, and Norqain accept crypto payments as well.

AUTHOR

Sheila Chiang

Based in Singapore, Sheila began her career working in high-growth startups, including a venture-backed online fashion retailer. Fascinated by the startup culture and the rise of unicorns and IPOs in Southeast Asia, she seeks to tell compelling stories on their journeys from idea to exit. She was previously at DealStreetAsia reporting on startups and venture capital.

View Full Profile

Read this story. Subscribe Now

This story is available across both editions. Subscribe to the one that’s most relevant for you. Questions?

 

Premium

  • 5 original and reported longform business stories every week
  • Access to ONLY India edition
  • Close to 250 exclusive stories every year
  • Full access to over 5 years of paywalled stories
  • Pick up to 5 premium subscriber newsletters
  • 4 original and reported longform business stories each week
  • Access to ONLY Southeast Asia edition
  • Close to 200 exclusive stories every year
  • Full access to all paywalled stories since March 2020
  • Pick up to 5 premium subscriber newsletters

Rs. 2,750 /year

$ 120 /year

India Edition
Subscribe Subscribe
Most Asked For

Borderless

  • 8 original and reported longform business stories each week
  • Access to both India and Southeast Asia editions
  • Close to 400 exclusive stories every year
  • Full access to over 5 years of paywalled stories across India and Southeast Asia
  • Unlimited access to all premium subscriber newsletters
  • Visual Stories

Rs. 4,200 /year

Subscribe
 

Echelon

  • 8 original and reported longform business stories each week
  • Access to both India and Southeast Asia editions
  • Close to 400 exclusive stories every year
  • Full access to over 5 years of paywalled stories across India and Southeast Asia
  • Unlimited access to all premium subscriber newsletters
  • Visual Stories
  • Bonus annual gift subscription
  • Priority access to all new products and features

Rs. 8,474 /year

Subscribe
Or

Questions?

What kind of subscription plans do you offer?

We have three types of subscriptions
- Premium which gives you access to either the India or the Southeast Asia edition.
- Borderless which gives you complete access to The Ken across both editions
- Echelon which gives you complete access to The Ken across both editions along with a bonus gift subscription

What do I get if I subscribe?

The Premium edition gives you access to stories in that edition along with any five subscriber-only newsletters of your choice.

The Borderless and Echelon subscription gives you complete access to The Ken across editions and unlimited access to as many newsletters as you like.

What topics do you usually write about?

We publish sharp, original and reported stories on technology, business and healthcare. Our stories are forward-looking, analytical and directional — supported by data, visualisations and infographics. We use language and narrative that is accessible to even lay readers. And we optimise for quality over quantity, every single time.

Our specialised subscriber-only newsletters are written by our expert, award-winning journalists and cover a range of topics across finance, retail, clean energy, cryptocurrency, ed-tech and many more.

How many newsletters do you have?

We are constantly adding specialised subscriber-only newsletters all the time. All of these are written by our team of award-winning journalists on a specialised topic.

You can see the list of newsletters that we publish over here.

Does a Premium subscription to your Indian edition get me access to the Southeast Asia edition? Or vice-versa?

Afraid not. Each edition is separate with its own subscription plan. The India edition publishes stories focused on India. The Southeast Asia edition is focused on Southeast Asia. We may occasionally cross-publish stories from one edition to the other.

We recommend the Borderless or the Echelon Plan which will give you access to stories across both editions.

Do you have a mobile app?

Yes! We have a top-rated mobile app on both iOS and Android which allows you to read on-the-go and has some amazing features like the ability to bookmark stories, save on your device, dark mode, and much more. It’s really the best way to read The Ken.

Is there a free trial?

You can sign up for a free account to experience The Ken and understand our products better. We’ll send you some free stories and newsletters occasionally, and you can access our archive of previously published free stories. You can stay on the free account as long as you’d like.

The vast majority of our stories, articles and newsletters can be accessed only by a paid subscription.

Do you offer any discounts?

Sorry, no. Our journalism is funded completely by our subscribers. We believe that quality journalism comes at a price, and readers trust and pay us so that we can remain independent.

Do you offer refunds?

No. We allow you to sample our journalism for free before signing up, and after you do, we stand by its quality. But we do not offer refunds.

I am facing some trouble purchasing a subscription. What can I do?

Just write to us at [email protected] with details. We’ll help you out.

I have a few more questions. How can I reach out to you?

Sure. Just email us at [email protected] or follow us on Twitter.