CoinHako, the first ever bitcoin exchange in Southeast Asia, bills itself the easiest way to buy and sell bitcoins in Singapore

Country: Singapore
Year: 2014logo-coinhako

Founded in 2014, CoinHako started out as the bitcoin trading platform allowing people in Singapore to convert fiat currency into bitcoin instantly and vice versa.

Besides being Singaporean version of CoinBase, CoinHako also partnered with BitGo, a world leading bitcoin wallet provider insured by XL Group, which enabled the platform users to store the bitcoin in their digital wallet.

CoinHako received a “six figure” personal investment from The Boost venture capitalist when it launched. The startup was also a participant from “Tribe 4” of Boost VC’s accelerator program.

Concept

  • Based in Singapore, CoinHako offers the first insured Asian Bitcoin Exchange in Southeast Asia starting in 2015.
  • With the increasing use and recognition of crypto-currency along with backed regulations, the funded fintech is eyeing for more market share in Singapore and ASEAN.
  • Apart from bitcoin wallet and trading services, CoinHako also provides blockchain consulting services including advisory & workshops in Singapore.
  • Key Figures:
    • Trading Fee = 0.9%
    • Funding: > $ 100,000 from The Boost VC
    • Trading volume: > S$100,000,000
    • Fund storage rate = 99%

Consumer Benefits

  • No technical requirement: This fintech doesn’t require any technical knowledge from its users. Users can start using the service simply with a Singapore or Malaysia account.
  • Security: CoinHako contracts with BitGo – the world’s leading secure crypto-currency wallet service – to secure its digital wallet. Meanwhile, 2-Factor authentication is available for all users.
  • Cost efficiency: CoinHako charges its users a 0.9% trading fee for every transaction, which is much more competitive than traditional banking services.
  • Fast: The partnership with Xfers enables users to top-up accounts within 10 minutes; Users can trade bitcoins online in real-time.

How to use

  • Sign up and to create the wallet with a valid email account within 1 day
  • Top-up the CoinHako account via Xfers (an online payment gateway), local inter-bank transfer and international wire transfer
  • Buy and sell bitcoins with SGD or USD instantly
  • Users can also transfer bitcoin online to bitcoin address / by email / by SMS