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Bitcoin start-ups in Asia take aim at remittances market

Reuters  |  HONG KONG/SEOUL 

By Marius Zaharia and Dahee KimHONG KONG/SEOUL (Reuters) - Bitcoin, battered by warnings about volatility and bubble-like appreciation, may have found a way to play a niche role in a big market: overseas money transfers.Used as a transfer mechanism rather than a currency, bitcoin circumvents banks' transaction fees. Start-ups such as Bitspark in Hong Kong, and Bloom, Payphil, and Satoshi Citadel Industries' (SCI) remittance unit Rebit in Philippines, are trying to turn that into a business model.Reduced liquidity on cryptocurrency exchanges and regulatory uncertainty are, for now, ...

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First Published: Tue, March 13 2018. 15:02 IST