PlasmaPay crypto wallet launches in Southeast Asia

Register now

After three months of testing its cryptocurrency wallet, Plasma Bank has launched PlasmaPay globally with an emphasis on Southeast Asia and South America.

Singapore-based PlasmaPay operates as a multi-currency payment system application that supports 20 languages for users.

The launch of PlasmaPay and its eye on future generations has some real-life examples to support that mission. Both Square and have added bitcoin trading in facets of their business, with some success with younger audiences.

PlasmaPay users are able to make cryptocurrency transfers through an account in the PlasmaPay wallet. Simplex operates as a partner to PlasmaPay, providing the technology for the transactions with any key cryptocurrenccy.

"By the end of 2019 we plan to introduce cryptocurrency and fiat processing for internet business, to launch a card project, and a pilot project with a bank in the EU to launch a service with international money transfers for individual jurisdictions," Plasma founder Ilya Marksimenka said in a Friday press release.

PlasmaPay is currently targeting Thailand, Vietnam, Indonesia, Nigeria and other "cryptoactive" countries in Europe such as Germany, and is planning a wider expansion next year, Marksimenka added.

PlasmaPay is currently negotiating with five banks in Germany, Great Britain, the Czech Republic, Singapore and Hong Kong; as well as three partners in the money transfer industry, including in the U.S., he said.

The system will operate its transfers of cryptocurrency without a fee, but exchange transactions and replenishment of plastic cards have a 0.5 to 1 percent fee.

For reprint and licensing requests for this article, click here.
Cryptocurrencies Asia Europe South America