Operators turn to bitcoin as an alternate route into Asia’s online markets

Bitcoin

Cryptocurrencies such as bitcoin are providing online operators with a new route into the Asian markets that have historically proved tough to penetrate due to the lack of conventional banking options. According to management consultants McKinsey & Company, around 2.5 billion people worldwide are unserved by banks. In Asia, the unbanked account for almost 60 percent of the total adult population. There is a substantial crossover between this 60 percent and Asia’s growing middle classes, who for the first time have access to mobile devices and disposable income, but lack the banking facilities required to participate in real money gaming. The opportunity is clearly substantial. “Bitcoin itself has no borders and therefore make a deposit online, easily and quickly, with no need for a bank account or any other e-wallet,” said Oron Barber, CEO of Australia-based bitcoin media and marketing agencyCoinPoint.net. While bitcoin tends to be framed in terms of potential when...

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