As per the company’s press release, the feature is made possible through a partnership TripleA, a crypto payment gateway licensed by the Monetary Authority of Singapore as a Digital Payment Token provider. With it, users can seamlessly convert their crypto assets into cash, which are spendable via the fintech platform’s debit cards, without having to go through the typically tedious verification process. According to Finance Feeds, TripleA facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. While on the merchant side of things, the company provides clients to settle in cryptocurrency with easy setup, instant confirmation, locked-in exchange rate, real-time fiat conversion, and no chargeback crypto payment solution. These enable the elimination of volatility risk by crypto to local currency in real time. BigPay CEO and co-founder Salim Dhanani says the aim to introduce cryptocurrency support on the platform is to enable its users to interact with digital assets in a safe and secure way, as well as facilitate overall interoperability. “We believe in a regulated financial system which takes the best of both crypto and traditional finance – to increase efficiency and value to the end-user,” he said in a statement. Supported cryptocurrencies to the new top-up function includes Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC) and Tether (USDT). There’s also plans to expand to even more in the near future, but the company did not mention any potential options just yet. In addition, BigPay assures that the feature will be a transparent conversion process, unlike other crypto-to-fiat transactions that incur hidden fees to users. When asked regarding the potential rollout of the new crypto top-up feature in Malaysia, a Capital A spokesperson told us that such a move may be in the pipeline. However, further information such as specifics or an expected release timeframe were not provided. (Source: Capital A [press release])
