Coinhako is excited to announce that it will be adding support for Ethereum. Our users can now buy, sell and store Ethereum in Singapore and Malaysia.
Ethereum, similar to bitcoin, is a decentralised platform to run smart contracts that are not operated by any institutionalised bank or government. It is instead an open network managed by millions of users. Applications run without lags, censorship, fraud, or interference from a third party.
2017 has already been a big year for bitcoin: hitting its highest price ever and briefly holding a value higher than gold. But quietly in the background, Ethereum has grown in value to become the second largest cryptocurrency at $3.5 billion. It has also arguably become the most commonly used blockchain technology for enterprise solutions with over 20,000 developers including Alibaba Cloud, Microsoft Azure, RedHat OpenShift, Pivotal CloudFoundry. As a result in the last four months, Ethereum’s price has spiked from under $10 to over $50.
Ethereum’s smart contracts is a new and experimental technology but it has a wide range of application. The smart contract uses an “if:then” system that allows Ethereum to be traded only if a certain condition is met. Initial experiments in voter identity, supply chain management, and medical records security have already shown promising results. Using its custom built blockchain, developers can:
“create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or a counterparty risk.”
Similar to bitcoin, Ethereum is not pegged to the value of any other currency. Its value is determined by market forces of supply and demand, and price changes in real time based on whether people want to buy or sell at any given moment.
How to Buy Ethereum:
1. Coinhako has created a seamless platform to convert your local currency (SGD or MYR) into and out of Ethereum with a matter of minutes. You just need to follow these three quick steps:
2. Sign up for a Coinhako account. This will provide you with a simple and secure wallet to store your Ethereum. You will also be able to convert your fiat currency into Ethereum here.
3. Transfer money from your local bank account into your Coinhako wallet. After a two-step verification process, you can purchase your first shares of Ethereum.
Once you confirm your purchase order, Coinhako will buy, deliver, and store securely your Ethereum. Before every purchase, you will be informed of the real time price of SGD/MYR to Ethereum.
And that’s it! You’re good to go.
We are working hard to roll out integration with ERC20 tokens and several new currencies over the next few months. Stay tuned as we expand our operations across Southeast Asia.