DtcPay Forges Strategic Alliances

Preparing to implement a new payment system compatible with both cryptocurrencies and traditional fiat currencies, DtcPay, a Singapore-based startup, is preparing to do so.

Dtcpay reportedly formed a strategic alliance with Allinpay International, a Chinese payment solution provider, and PlatON, an open-source blockchain platform.

The objective is to establish a digital payment infrastructure that safeguards privacy. The focus of the partnership will be the development of intelligent point-of-sale (POS) terminals that can process a variety of digital currencies, such as Tether (USDT), Ethereum (ETH), and Bitcoin (BTC).

DtcPay, formerly the Digital Treasures Center, has established a notable reputation by providing advanced digital currency payment solutions that empower merchants and partners to accept payments denominated in conventional and digital currencies.

Dtcpay, apart from its collaborations with PlatON and Allinpay International, has additionally established partnerships with the verification platform Sumsub.

This partnership aims to enhance the dependability and security of digital currency transactions in major markets, including Europe, Singapore, Hong Kong, Dubai, the United Kingdom, and Dubai.

The company established a collaboration with Jeripay, a Singapore-based developer of PoS technology, in September to incorporate cryptocurrency into Jeripay’s 8000 terminal network.

The collaborations occur in Singapore, where crypto regulations constantly evolve to provide consumers with excellent protection.

Coinbase and Ripple are among the prominent cryptocurrency companies that have obtained payment institution licenses from the Monetary Authority of Singapore (MAS). MAS is currently investigating the possibilities presented by central bank digital currencies (CBDCs).

As an integral element of this dynamic environment, the initial phase of Project Orchid, a retail CBDC research initiative, has been successfully concluded.

Through pilot trials, the project strives to establish digital currencies for particular objectives by collaborating with government agencies and critical banks.

Even though retail CBDCs have not yet achieved widespread adoption, the project report suggests that non-Singaporean dollar-denominated digital currencies are gaining traction locally.

MAS is investigating the possibility of programmable or automated execution of digital currencies tailored to predefined use cases to keep pace with these developments.