Customers Can Now Use Bitcoin To Pay For Five Star Hotel, Capella Singapore

The relevancy of digital assets

While digital assets were most talked about in the turn of the decade, they are still present now and have resurged after their previous crash. In the present day, there are over 560 million people globally who own digital currencies, and the cryptocurrency market in particular has been doing well. This week, the total crypto market capitalisation is equivalent to US$2.27 trillion (SG$2.96 trillion) according to Forbes, meaning that the total value of all crypto assets presently in circulation is nearly worth three trillion Singapore dollars.

Since these digital currencies are performing well and are worth a lot, it is understandable that companies want to appeal to and potentially attract the holders of such assets by expanding their accepted payment methods.

However, this doesn’t mean that Capella Hotel Group itself is collecting cryptocurrency; when guests in Singapore scan the QR code on the dtcpay terminal, dtcpay immediately convert the digital assets to the local currency, in the case of Capella Singapore, Singapore Dollars, and the Capella Hotel Group will receive money in dollars and not DPTs.

Cristiano Rinaldi, President of Capella Hotel Group, said, “This is just the beginning of our journey into the world of digital assets, and we look forward to exploring more innovative ways to enhance the guest experience through technology.”

“By integrating digital payment tokens, we’re not only enhancing convenience but also significantly boosting operational efficiency. This technology allows for fast, secure transactions, reducing the complexities often associated with international payments. It’s a win-win for our guests and our operations. We will continue to include more Capella and Patina properties for this initiative.”

Besides Capella Hotel Group, a number of other companies in Singapore, across different fields, are accepting digital assets. Some examples include local fashion brand, Charles and Keith, which accepts Bitcoin, Ethereum, and Tether, and Korean restaurant Joobar, which accepts Bitcoin.