The recent banning of Binance Global by the country’s regulatory body has signaled the importance of using licensed crypto payment gateways.
The boom of non-fungible tokens (NFTs) and blockchain has catapulted the art scene into the spotlight.
More speculators are looking to get into the action by purchasing NFTs and owning artwork that could appreciate greatly in value in future.
Online art sales have increased, making up a significant portion of the global art market, and interest remains high among Asian collectors, beating that of the western market.
To that end, one blockchain and NFT-enabled art marketplace with a presence in 29 countries, adopted crypto-payments solutions as their payment platform. Customers of RtistiQ will be able to make payments using digital payment tokens such as Bitcoin and Ether.
This payment option fits nicely with the technologically-forward online art marketplace that leverages technologies such as blockchain, NFTs and near field communication (NFC) as a mainstay of a digital economy.
According to the firm’s co-founder and CEO, Jothi Menon: “We want to empower our artists and collectors with cryptocurrency. Integrating (a) crypto payment gateway provides a secure and transparent environment for passion-driven transactions. Combined with AR and AI, it enhances the art experience multifold in a digital economy.”
Said Eric Barbier,CEO, TripleA, a home-grown provider of crypto payment gateways in Singapore: “We anticipate a long and successful collaboration with RtistiQ, as we provide them access to millions of art lovers from around the world that use crypto payments.”
In the wake of the recent banning of Binance Global by the regulatory authorities in Singapore, only crypto payment providers licensed by the regulatory authority (the Monetary Authority of Singapore) such as TripleA can operate in the country.
MAS said it believes cryptocurrencies carry “significant” money laundering risks due to their anonymous and borderless nature of transactions. Therefore, all crypto businesses are required to be licensed to operate in the country.