Bitcoin businesses around the world are attracting a lot of attention. Not just because other companies believe in Bitcoin as a payment method, but the underlying blockchain technology can have massive implications for all kinds of business models. Coin Republic, a Singapore-based Bitcoin exchange, could be the next company to be acquired.
Coin Republic Gains Attention Outside of Singapore
Even though Bitcoin in Asia is a major trend, there is hardly ever any big news coming out of the continent. China is not openly banning Bitcoin, even though the country’s central bank has issued multiple warnings against digital currency usage; and Japan seems to be slowly warming up to Bitcoin as well, but nothing newsworthy has been reported there yet.
Other Asian countries, such as Hong Kong and Singapore, seem to be more open to Bitcoin for the time being. In fact, Coin Republic, one of the few Bitcoin exchanges based in Singapore, has attracted attention from a source outside of the country. It is rare that an Asian company could be acquired by a company in a different country, let alone a different continent.
Coin Republic has been around since 2013, and serves two major purposes. First and foremost, Coin Republic is a Bitcoin exchange, facilitating transfers to and from Bitcoin and from and to fiat currency. Additionally, Coin Republic also serves as a Bitcoin learning platform, to highlight the digital currency’s advantages.
“We do not believe in holding customer funds for extended periods. This is counter-party risk which we want to help you manage. By only sending money that you want converted into Bitcoin, and using your own controlled wallet you limit the risk of your hard earned capital.” – Coin Republic Spokesperson.
At this time, it remains unclear as to who Coin Republic could be in talks with regarding a potential acquisition. David Moskowitz, the founder of Coin Republic, has allegedly “been in talks with various interested parties and received several offers”, but further details remain undisclosed. We do know that the most likely acquisition candidate is a company not based in Singapore.
Growing Bitcoin Interest A Factor?
No matter where you look, interest in Bitcoin and blockchain technology is growing all around us. Everyone wants to be part of the “decentralized revolution” and Bitcoin will play an important role in that regard for many years to come. And even though Bitcoin as a currency may never reach mainstream adoption, blockchain technology is not going anywhere anytime soon.
In the next few years, more and more non-Bitcoin companies will be keeping a close eye on the evolution of digital currency and blockchain technology. Acquisitions and mergers will become more frequent on the way to creating a new ecosystem in which the end user is in full control of their assets, money and future.
Images courtesy of Coin Republic, Shutterstock