Cryptocurrency exchange Crypto.com announced on Wednesday that it has partnered with Sony so that the company can accept digital asset payments in Singapore.
The partnership means that customers in the city-state can buy goods on the Sony store online using USDC – a stablecoin that is pegged 1:1 with the US dollar.
When customers go to checkout on the online store, they will now have Crypto.com Pay as one of their payment options.
In its statement, Crypto.com said Sony plans on expanding the number of cryptocurrencies users can pay with in the near future.
The partnership with Sony is the first time a consumer electronics business in Singapore to partner with Crypto.com and start accepting crypto payments.
“We’re pushing to make paying in crypto more mainstream and partnering with a well-established and forward-thinking brand like Sony Electronics Singapore further raises awareness of how simple it can be to pay for everyday goods and services using crypto,” said Chin Tah Ang, General Manager of Singapore, Crypto.com.
“This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden SES’ customer base.
To celebrate the launch of the product, Crypto.com and Sony are running a couple of giveaways.
The first 50 people to spend more than S$300 using the crypto payment will get a free LinkBuds speaker. Alongside that, the first people to spend S$100 will get $20 back in USDC in their Crypto.com account.
Initiatives like this are not entirely new in the cryptocurrency space, with exchanges and other companies long pushing firms and crypto holders to buy goods and services using digital assets.
However, there has yet to be a particular example of it gaining big traction. That’s probably due – in part – to fees and other inconveniences for individuals. Companies also struggle with fees and potential KYC problems.
