Food court operator Kopitiam, which is based in Singapore, announces programs to accept payments in bitcoin.

In an interview to the Business Time, the CEO of Kopitiam Alden Tan stated that KOPItech system cost about 500,000 in USD to create in-house. At the same time, he mentioned that the reason to take a decision to make it consistent with crypto coins originated from his interest about blockchain and the desire to achieve an increasing section of highly digital-savvy customers. In addition, he mentioned that cryptocurrency payments will opens up new opportunities in attracting more customers. Mr Tan noted:

“Allowing cryptocurrencies will help us to learn more about this segment of the payment system.”

Given the fluctuations in crypto-asset prices, sellers are often wary of accepting such payments. Tan notes the company is aware of the current situation and has developed a method that will allow outlet owners to cope with the new development.

According to Tan, Kopitiam will help restaurant owners convert the cryptocurrency received during the week into fiat currency. The converting process, crypto-assets to traditional currencies, will be implemented every week by Kopitiam along with its fintech partner. What’s more, Kopitiam will bear the fluctuation risks of any currency. Stallholders will keep earning their profits in Singapore dollars.