Singapore has launched a bitcoin bookshop, with the aim of enabling Singaporeans to spend bitcoins with a physical book and not through online platforms.
The Singapore Bitcoin Bookshop, which is set to open its doors on August 14, is a subsidiary of a Singaporean bitcoin exchange.
The company has raised $10 million in a Series A funding round.
The startup said that it plans to launch a second Bitcoin Bookseller in Singapore, and that it has already signed up some major booksellers in the country.
Bitcoin bookshop operator Bitbook said that the Singaporean book shop is the first of its kind to operate in Singapore.
The Bitcoin Bookshelf, which will include a virtual store, will allow users to buy and sell bitcoin at the physical bookshop.
The store will also have a digital store, and will also offer a bitcoin debit card.
The digital store will allow the user to store their bitcoins in the virtual store.
“Bitcoin Bookshelt is the second bookshop to open in Singapore after Bitbook, and it is one of the first bitcoin bookstores to be approved by Singapore’s Financial Supervisory Authority (FSA),” the company said.
The Booksheld said that customers can store bitcoins in their virtual wallets in the digital store.
The online store will have a dedicated section for bitcoin purchases.
“The Bookshelde will be a destination for Singaporeans who wish to trade bitcoin with other people, including people in the UK, Germany, the US and Australia,” the startup said.
Singaporeans can also buy and send bitcoins from the Bookshelelf to other Singaporeans using bitcoin debit cards.
The retailer said that Singaporeans will be able to deposit bitcoins from their digital wallets into the physical Bookshela, as well as withdraw bitcoin at any time.
“We are excited about this venture and the launch of the Singapore Bitcoin bookstore, as we believe Singaporeans have an incredible amount of potential to benefit from Bitcoin,” the company added.
Singapore’s Prime Minister Lee Hsien Loong said that Bitcoin is a “good tool for financial transactions,” adding that he hopes that Bitcoin Bookstores can help Singaporeans avoid the “bogus transaction fees” of traditional financial institutions.
Singaporean authorities are concerned about the rising popularity of Bitcoin and its use for crime.
Bitcoin BookStore is not the first Bitcoin book store to open.
BitcoinBook, which was launched in the United Kingdom last month, has also attracted attention.
The bookseller said that its customers have reported the “great value” of the digital wallet service.
Bitbook plans to start accepting payments in bitcoin later this year.
Singapore was the first country in the world to launch bitcoin-only businesses.
The country also recently adopted a bitcoin tax.
“Singapore is the third largest country in Asia in terms of total tax revenue.
This is a good step forward for the country in regards to tax compliance,” Bitbook’s CEO told Bitcoin Magazine.